The world’s largest free trade area has been created

News

The world’s largest free trade area has been created

17.11.2020 News

China, Australia, Japan and 12 other countries in the Asia-Pacific region have formed the world’s largest free trade area.

The agreement was signed during the online summit of the Association of Southeast Asian Nations. We are talking about the creation of a free trade area called the Comprehensive Regional Economic Partnership (CREP).

The following countries have joined forces for free trade: Brunei, Vietnam, Indonesia, Cambodia, Laos, Malaysia, Myanmar, Singapore, Thailand, the Philippines, China, Japan, South Korea, Australia and New Zealand.

The total population of these countries, which account for 29 percent of the world economy, is 2.2 billion, and the total GDP is $ 26.2 trillion. This is slightly less than the share of the European Union (33 percent), but experts believe that the area will increase in the near future.

The agreement will include reduced trade duties, strengthened supply chains using unified rules for determining the country of origin of goods, and systematized new e-commerce rules.

This is Japan’s first free trade agreement with China and South Korea at the same time, Nikkei said.

Negotiations on VCEP have been underway since 2013. India also took part in the talks, but withdrew from the discussion last year.

Experts emphasize that the conclusion of the agreement in Hanoi against the background of the trade war with the United States is a great success of the communist leadership in Beijing. They predict that the agreement will strengthen the economic integration of the Asia-Pacific region and counter protectionist tendencies.

Other articles

  • S&P forecasts global debt growth of up to $ 200 trillion
    News

    S&P forecasts global debt growth of up to $ 200 trillion

    World debt will reach $ 200 trillion, which is 265% of world product, but the debt crisis is not yet expected. This was reported by Reuters, citing the forecast of analysts of the international rating agency S&P Global. It is claimed that this year the debt-to-world debt ratio has risen by 14% as a result […]

  • Oil prices jumped in the US election
    News

    Oil prices jumped in the US election

    In the background of the general election in the United States world oil prices jumped.This is evidenced by trading data as of Monday morning, November 9. And what about the election, according to preliminary data in the presidential race the Democrat Joseph Biden wins. Thus, the price of January futures for Brent oil on the […]

  • There will not be enough vaccines for all EU citizens in 2021
    News

    There will not be enough vaccines for all EU citizens in 2021

    Next year, only a small proportion of people in the European Union will be able to get the coronavirus vaccine. Officials in European countries have not yet decided on the vaccination of citizens. This was announced by Reuters on Tuesday, October 27. “By the end of 2021, there will not be enough doses of the […]

  • China’s economy grew by 4.9% in the third quarter
    News

    China’s economy grew by 4.9% in the third quarter

    According to the National Bureau of Statistics of China, the country’s GDP grew by 4.9% year on year in the third quarter. China’s economy is recovering the fastest in the world from the COVID-19 pandemic – GDP decline by closing factories and quarantine in the first quarter of the year already fully compensated, and the […]

  • Tokyo Stock Exchange interrupted work due to the technical problems
    News

    Tokyo Stock Exchange interrupted work due to the technical problems

    Technical failure occurred on the Tokyo Stock Exchange, due to which the trading was suspended. This is stated in the statement by Japan Exchange Group, which owns the exchange. “Trading of all shares on the Tokyo Stock Exchange has been suspended due to the failures related to the delivery of the market information, ” – […]

  • The external debt of Ukraine added $ 2.5 billion
    News

    The external debt of Ukraine added $ 2.5 billion

    In the second quarter of 2020, Ukraine’s gross external debt increased by $ 2.5 billion and amounted to $ 122.8 billion, according to the National Bank. In terms of GDP, debt increased to 78.8% from 75.1% at the end of the first quarter. At the beginning of the year the figure was 78.6%. “External debt […]

  • There are no threats of visa-free travel with the EU, – Kuleba
    News

    There are no threats of visa-free travel with the EU, – Kuleba

    Currently, there are no threats to Ukraine’s visa-free travel with the European Union. Required joint efforts of all political forces in Ukraine to continue the movement towards the EU. This was stated by the Minister of Foreign Affairs of Ukraine Dmytro Kuleba on the talk show “Freedom of Speech” on ICTV. According to him, there […]

Read also

The world’s largest free trade area has been created
News

Oil giant Royal Dutch Shell PLC is going to fire nearly 3,000 employees worldwide

December, 14 2015, Shell announced that after they finish the merger with the British oil company BG Group PLC, they will fire  2,800 people. The company said in report that their plans are  to reduce the number of employees by 3%. Terminations will start in 2016. Earlier, Shell announced plans to cut the number of […]

Next
The world’s largest free trade area has been created
News

Wizz Air launches a flight from Kiev to Stockholm

Low-cost airline Wizz Air will restart its flight from Kiev to Stockholm on December 16. The company has been operating the flight since 2010, but then canceled. Another low-cost carrier, Ryanair, has decided to close the route in 2019. Now Wizz Air will fly to Sweden twice a week – on Thursdays and Sundays. The […]

Next
The world’s largest free trade area has been created
News

Norway will invest $ 362 thousand in the agro-industrial complex of Ukraine

Ukraine has made great efforts to create a new development strategy of its agri-food sector. Norway helps to bring this strategy to life by funding a project of the Food and Agriculture Organization (FAO). It is reported by the press service of the FAO. Norway’s contribution of $ 362 thousand will enable FAO to provide […]

Next
The world’s largest free trade area has been created
News

TOP 2015: The most invested Ukrainian companies

Despite the unstable political and economic situation in the country, in 2015 it was recorded a large influx of investments in Ukrainian projects from the west. New companies are increasingly attracting foreign investors.  The UVCA association recently reported on the results. The UVCA is an association of local and international investors. According to the UVCA […]

Next
The world’s largest free trade area has been created
News

PayPal has expanded its cryptocurrency service to all US users

PayPal Holdings has fulfilled its promise made last month by making its PayPal Cryptocurrency application available to all registered users in the United States. On October 21, the service was launched in test mode for a limited number of users. Commenting on the November 2 financial report, PayPal CEO Dan Shulman said that only 10% […]

Next
The world’s largest free trade area has been created
News

Aston Martin has introduced a new supercar

Automotive sports car maker Aston Martin has introduced a new Aston Martin supercar Valkyrie Spider. “Aston Martin Valkyrie is a product of incredible innovation and technology, but above all, it’s about emotions. At Valkyrie Spider, we take that passion and emotion to the next level. The driving experience promises to be truly sensational,” said CEO […]

Next
The world’s largest free trade area has been created
News

German-Ukrainian Fund will launch a new program to support the business

German-Ukrainian Fund signed a memorandum of cooperation with the Ukrainian lender Oschadbank. On the eve of this information was posted on the NBU website, which also contains excerpts from the press release of the fund. According to the original source, the collaboration of investors will focus on the maintenance of small and medium-sized businesses. The […]

Next
The world’s largest free trade area has been created
News

Group DF registered brand “Ukraine tomorrow” in 27 EU countries

Group DF officially registered in 27 countries of the EU trademark “Ukraine Tomorrow”.  Group DF, that is controlled  by businessman Dmitry Firtash,  announced the end  of the official registration in the Office for Harmonization in the Internal Market (OHIM) of trademarks for goods and services “Ukraine Tomorrow” (TM), “Ukraine Morgen” and “Ukraine Tomorrow”, around which […]

Next
The world’s largest free trade area has been created
News

Countries of the Baltic have moved to the economic sanctions against Belarus

Lithuania, Latvia and Estonia have refused to use the Belarusian electricity. This was reported by the Interfax news agency. According to the agency, the governments of the Baltic countries have developed a common methodology for the electricity trade. It means that electricity supplied to Lithuania, Latvia and Estonia should not be produced in Belarus. Imported […]

Next
The world’s largest free trade area has been created
News

Novavax American company in the Czech Republic will make 1 billion vaccine COVID-19

Half of the 2 billion doses of coronavirus vaccine that the American company Novavax intends to develop, will be manufactured at its Czech plant Praha Vaccines, said on Tuesday at a press conference the Prime Minister of the Czech Republic Andrej Babiš, who visited this enterprise near Prague. “Novavax wants to produce 2 billion coronavirus […]

Next
The world’s largest free trade area has been created
News

The IMF has forecast the growth of the Ukrainian economy

In 2021, the Ukrainian economy will grow by 4%. This is stated in the updated IMF forecast. At the same time, next year growth will slow to 3.4%. Inflation in Ukraine is expected to increase to 7.9% in 2021 after declining to 2.7% in 2020, and to 6.8% in 2022. The current account surplus of […]

Next
The world’s largest free trade area has been created
News

Arcelor Mittal has avoided a fine of 72 million UAH

The Supreme Commercial Court of Ukraine overturned the decision on the recovery of a fine in the amount of 72.7 million UAH to PJSC Arcelor Mittal Kryvyi Rih. This information was reported by the representatives of the Ukrainian industrial complex on December 20th. According to a statement, prosecutors claim was rejected, and the previous decision […]

Next
The world’s largest free trade area has been created
News

Netflix shares fell sharply after the report due to falling new users

Shares of Netflix fell more than 11% after the close of trading on Tuesday, as the low number of new users of the streaming giant disappointed investors. Market analysts predicted a decline, but did not expect it to be so strong. In 2020, Netflix, on the one hand, received an incredible increase in users of […]

Next
The world’s largest free trade area has been created
News

Adidas may sell Reebok

According to Bloomberg, a source familiar with the situation, German manufacturer of sportswear and accessories Adidas AG is considering the possibility of selling its brand Reebok. “In the coming months, the company will decide whether to start the sale process,” the source said. According to the interlocutor of the agency, the internal assessment of sales […]

Next
The world’s largest free trade area has been created
News

IPO Snowflake has become the largest in the history of IPO software

After a sensational debut Snowflake on the NYSE on Wednesday, shares of the cloud storage and processing company are expected to fall ahead of trading on Thursday. Shares of Snowflake fell to 4.3%. Snowflake brought 28 million shares to the public market to raise $ 3.36 billion during the largest software IPO in history. Shares […]

Next
The world’s largest free trade area has been created
News

Huawei turns onto Ukraine

Huawei Technologies Co. Ltd. is going to open the department in Ukraine. The representatives of Ukrainian delegation who had visited the Eastern country with diplomatic purpose informed about it. The parties have discussed the perspectives of countries cooperation in the sphere of economy and business. The main thing was R&D centre and laboratory opening on the […]

Next