Fifteen Asia-Pacific countries signed the world’s largest free trade agreement yesterday. The Regional Comprehensive Economic Partnership (RCEP) aims to reduce or eliminate tariffs between the nations on a wide range of goods over the next several years. Member nations (including China, Japan, South Korea, and Australia) account for nearly 30% of global GDP.
Extra: The agreement does not include the US, which withdrew from an earlier agreement (the Trans-Pacific Partnership, or TPP) in 2017.
