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15 Nations Sign RCEP Trade Pact-World’s Biggest FTA

Nov 27, 2020

It is the world's biggest free trade agreement (FTA) measured in terms of GDP, larger than the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the European Union, the recent U.S.-Mexico-Canada Free Trade Agreement or Mercosur, according to Rajiv Biswas, chief economist for the Asia-Pacific region of IHS Markit.

The agreement will promote fewer tariffs on trade in goods,and better rules for trade in services,including market access provisions for service suppliers from other RCEP countries.Besides,non-tariff barriers to trade among its members,such as customs and quarantine procedures and technical standers will be reduced.