China has the world’s largest trade alliance of 15 countries, accounting for about a third of the world’s economy. The US and India have not been included in the Regional Comprehensive Economic Partnership (RCEP) agreement.
The signing ceremony for the alliance took place on Sunday in Hanoi, the capital of Vietnam, following a virtual meeting of the Association of Southeast Asian Nations (ASEAN).
Because the United States and India are opposed to China, they are not included in the agreement. Furthermore, the deal is being seen as a growing influence in China’s region.
The Indian government withdrew from the agreement during the negotiations due to concerns over local industry in India becoming part of the free-trade bloc, but other countries, including Japan, hope that India will join the trade alliance in the future. Will become part.
The agreement will benefit the region’s 2.2 billion people and support Corona-affected economies. Trade laws will be relaxed, and taxes will be reduced through the Regional Comprehensive Economic Partnership Agreement.