Asia Pacific nations signs RCEP
China, Japan, South Korea, Australia, New Zealand and others signed a comprehensive free trade deal on Sunday at the Asean summit.
The 15 nations together comprise nearly one-third of the world's population are part of the deal, which will be ratified once at least six Asean countries and three non-Asean partners ratify it.
The deal will eliminate tariffs of at least 92% on traded goods in the block and will offer stronger provisions on non-tariff measures.
The big country that's missing from the south-east Asian block is India, which walked away from talks late last year.
In the bigger picture, the pact emphasizes China's growing role and access in the region. The US had once pursued a TPP deal that excluded China, meaning those countries would have less reliance on Chinese trade. That deal was eventually implemented without the US and a big question in Biden's administration will be whether the US will try to rejoin it.
