In a piece of News that is being reported everywhere except most of the Philippine Press because it is against the interests of the United States (US), China has signed a major trade deal with 14 other Countries in the Asia-Pacific Region.
The deal is called the Regional Comprehensive Economic Partnership (RCEP) which is made up of 10 Southeast Asian Countries (including the Philippines) as well as South Korea, China, Japan, Australia and New Zealand.
This new Trading Block is the biggest in the World, it is contains a third of the World's entire Population and accounts for 29% of the global Gross Domestic Product (GDP). It is bigger than the US-Mexico-Canada Agreement and even the European Union (EU).
The RCEP is expected to remove some Tariffs on Imports among the member Countries within the next 20 Years. It also includes provisions on Intellectual Property, Telecommunications, Financial Services, E-Commerce and Professional Services.
It is also expected to add at least 0.2% to the GDP of the member Countries. Take note that a rival Trading Block a couple of Years ago, the Trans-Pacific Partnership (TPP) got a lot of exposure from the Philippine Press because it was started by the US under the Barrack Obama Administration. Donald Trump later pulled the US out of the deal.
This was one of the things that President Rodrigo Duterte was busy during the events leading up to and during Typhoon Ulysses, but of course most of the Philippine Press ignored the importance of the RCEP and focused more instead of trying to make Leni Robredo a “Heroine” in the Typhoon’s aftermath.
The RCEP still needs to be ratified on nine of the member Countries, but once the ratification is complete, the new Trading Block will help the member Countries recover economically from the Corona Virus Disease 2019 (Covid-19) Pandemic.
SOURCE: RCEP: Asia-Pacific Countries form World's largest Trading Bloc {Archived Link}
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