China, Australia, Japan and 12 other countries in the Asia-Pacific region have formed the world’s largest free trade area.<\/p>\n
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).<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
This is Japan’s first free trade agreement with China and South Korea at the same time, Nikkei said.<\/p>\n
Negotiations on VCEP have been underway since 2013. India also took part in the talks, but withdrew from the discussion last year.<\/p>\n
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.<\/p>\n","protected":false},"featured_media":125123,"menu_order":0,"template":"","newscat":[9],"newstag":[28602,30379,958,29108,947,24956,24961,30331,30330],"issues":[],"class_list":["post-125121","news","type-news","status-publish","has-post-thumbnail","hentry","newscat-novosti","newstag-european-union","newstag-free-trade-area","newstag-gdp","newstag-nikkei","newstag-vvp","newstag-evrosoyuz","newstag-yevrosoyuz","newstag-zona-vilnoyi-torgivli","newstag-zona-svobodnoj-torgovly"],"_links":{"self":[{"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/news\/125121","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/news"}],"about":[{"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/types\/news"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/media\/125123"}],"wp:attachment":[{"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/media?parent=125121"}],"wp:term":[{"taxonomy":"newscat","embeddable":true,"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/newscat?post=125121"},{"taxonomy":"newstag","embeddable":true,"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/newstag?post=125121"},{"taxonomy":"issues","embeddable":true,"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/issues?post=125121"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}