China seen as big winner in new RCEP trade deal
China and 14 other nations have signed off on what is being called “the world’s largest trade deal”.
The Regional Comprehensive Economic Partnership (RCEP), which has been nearly a decade in the making, includes Japan, Australia, South Korea, New Zealand, Vietnam and several other Asian countries. Many of those nations are also part of the CPTPP, the free trade agreement that developed after the U.S. exited the TPP negotiations in 2017.
One key player missing from the RCEP agreement is India, which pulled out of the talks last year over concerns about cheap Chinese goods entering the country.
The agreement is seen as a big win for China in extending its influence in the region. Analysts say it’s not clear whether the deal will have an impact on trade relations between the U.S. and China, who have been fighting over trade and related issues for the last few years.