Backed by China, the sprawling Regional Comprehensive Economic Partnership (RCEP) is seen as a coup for Beijing in extending its influence across the region and marks its dominance in Asian trade. After eight years of wrangling over the details, the trade pact -- the world's largest in terms of GDP, say analysts -- will be signed on Sunday. -Launched in 2012, RCEP is a trade pact between the 10-member ASEAN bloc, along with China, Japan, South Korea, Australia and New Zealand. That deal, called the Trans-Pacific Partnership (TPP), was on track to be the world's biggest trade pact, until Washington pulled the plug, saying it funnelled off US jobs. It "is not a fully completed, fully rationalised agreement," said Alexander Capri, a trade expert at the National University of Singapore Business School.

Source: Mint November 15, 2020 01:18 UTC