Fifteen Asia-Pacific countries on Sunday signed the world's biggest free trade deal, seen as a huge coup for China in extending its influence. What is the Belt and Road Initiative? The initiative countries account for 40 per cent of global gross domestic product growth and 44 per cent of the world's population, according to an analysis from Morgan Stanley. AdvertisementThe agreement to lower tariffs and open up the services trade within the bloc does not include the United States and is viewed as a Chinese-led alternative to a now-defunct Washington trade initiative. In a significant step, it is the first free trade deal among the three big players China, Japan and South Korea.

Source: Daily Mail November 15, 2020 10:16 UTC