Initially, 12 Pacific Rim nations excluding China were part of this trade agreement, which has been signed but awaits ratification from the members. The pact was led by the U.S. with former President Barack Obama championing it, but President Donald Trump has since formally withdrawn the U.S. from the agreement.
16 nations in the Asia-Pacific are included in this China-backed proposed agreement. The RCEP is seen as a rival to the TPP and now the front-runner for new free trade deals in the region.
The deal involves the 21 Pacific Rim nations that are part of the Asia-Pacific Economic Cooperation (APEC), a forum created in 1989 to promote free trade in the Asia Pacific. Part of the deal’s agenda is to build and develop on existing trade frameworks in the region.
Sources: Asia-Pacific Economic Cooperation; United States Trade Representative; Reuters
By Jessica Wang | REUTERS GRAPHICS
