Beijing: China on Monday termed the Regional Comprehensive Economic Partnership (RCEP) agreement to create the world's biggest free trade bloc as a "milestone of great significance", while studies showed that the deal is more of a strategic significance to Beijing providing marginal economic impact. However, while the RCEP adds incrementally to Chinese GDP, it will not be enough to cancel out the damage of the trade war with the US, research showed. US President Donald Trump launched the trade war against China demanding Beijing to reduce the yawning trade deficit and slapped billions of dollars worth of tariffs on Chinese imports. China looks for some relief on the trade front from when US President-elect Joe Bidden takes charge in January, 2021. Over the same period, the trade war would slice 0.32 per cent from its GDP.

Source: Mint November 16, 2020 13:07 UTC