Asia signs world’s largest trade deal
------------------------------------------
The China-backed trade deal, called the Regional Comprehensive Economic Partnership (RCEP), covers nearly a third of the world’s people and accounts for 29% of global gross domestic product
------------------------------------------
RCEP: 15 countries, including ten-member Association
of Southeast Asian Nations (ASEAN)

ASEAN countries      Others
Population (2018) 
GDP, in US$ (2019)

Chinese President Xi Jinping

CHINA
1.4 billion 
14.3 trillion

JAPAN
126.3 million 
5.1 trillion

SOUTH KOREA
51.7 million 
1.6 trillion

NEW ZEALAND
4.9 million 
207 billion

AUSTRALIA
25 million 
1.4 trillion

INDIA: Pulled out last year over concerns that lower tariffs could hurt local producers

ASEAN (2017 figures) 
642.1 million
2.8 trillion

Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, Vietnam

RCEP would provide buffer for Beijing against U.S., while fostering stronger links with regional powers – Australia, South Korea and Japan

------------------------------------------
Sources: ASEAN, Bloomberg, World Bank
Picture: Getty Images
© GRAPHIC NEWS