World's Largest Trade Bloc From Asia

World's Largest Trade Bloc From Asia The world's largest trade bloc came from Asia. 15 ASEAN member countries signed the Regional Comprehensive Economic Partnership agreement, which they have been negotiating for 8 years. The USA was excluded from this bloc. ASEAN members Brunei, Indonesia, Cambodia, Malaysia, Myanmar, Laos, Philippines, Singapore, Thailand and Vietnam and the leaders of Australia, South Korea, China, Japan and New Zealand, who are among the dialogue partners of the union, agreed on RCEP after 8 years of negotiations provided. According to the report compiled by CNBC, 15 Asia Pacific economies will sign on Sunday to form the world's largest free trade bloc, backed by China and not anywhere in the US. It was reported that the Regional Comprehensive Economic Partnership (RCEP) will be signed with a regional summit to be held in Hanoi. The RCEP, which will be signed among the question marks regarding the US administration's partnerships in Asia, is stated to further strengthen the position of China, known as the world's second largest economy, in shaping the trade rules of the region. The US currently does not have any presence in both the RCEP agreement and the Trans Pacific Partnership (TPP) agreements presided over by former President Barack Obama. Thus, the United States, the world's largest economy, was left out of the second trade partnership with the world's fastest growing economies. Commenting on the issue, ING Chief Economist Iris Pang said, "Contrary to the US position, RCEP reduces Beijing's dependence on overseas markets and technology." The Regional Comprehensive Economic Partnership (RCEP) aims to strengthen the supply chain and establish new e-commerce rules by reducing customs duties in countries including Australia, Japan and New Zealand. RCEP covers 2.2 billion people from 15 countries and an economic size of $ 26.2 trillion in total. With this agreement, China is expected to increase its economic dominance in the Asia-Pacific region, while the US and European companies are expected to be excluded from the free trade zone.