The largest trading block in the world has just been built. He is responsible for 30 percent world GDP. This block consists of 10 ASEAN countries as well as Australia, China, Japan, South Korea and New Zealand. They signed an agreement under which the world’s largest free trade zone will be established.
The contract was signed on November 15, 2020. It was then that 15 countries, ie Australia, China, Japan, South Korea, New Zealand, Brunei, Burma, Cambodia, Indonesia, Laos, Malaysia, Philippines, Singapore, Thailand and Vietnam signed an agreement on a comprehensive regional economic partnership.
This is the largest block, as the signatories of the agreement are responsible for 30 percent. global GDP and population. Due to the prevailing world situation, the entire procedure was carried out via online videoconferencing.
The agreement will certainly have many positive effects. You can certainly count on the liberalization of trade and the strengthening of economic relations between the aforementioned countries.