Fifteen nations in the Asia-Pacific region have concluded the world`s largest free trade agreement, which they hope will accelerate the recovery of their economies devastated by the coronavirus pandemic. Note: Any customs union, every common market, any economic union, the Customs and Monetary Union and the Economic and Monetary Union are also a free trade area. It is a list of free trade agreements between two parties in which each party could be a country (or another customs territory), a trade bloc or an informal group of countries. ASEAN leaders said they intend to continue expanding trade with India and that the door remains open in New Delhi to join the bloc. The new free trade bloc will be larger than the agreement between the United States, Mexico and Canada and the European Union. Under the free trade agreement, about 99.7% of Chinese exports to Switzerland will be zero tariffs and the free share of tariffs on Swiss exports to China is 84.2%. Since the implementation of the China-Pakistan Free Trade Agreement, companies in both countries have been offered more business and comfort opportunities, and consumers in both countries have more benefits. Bilateral trade continued to grow rapidly, growing from $6.9 billion in 2007 to $16 billion in 2014, with annual growth of about 15.3%. Ten ASEAN countries and five other Asia-Pacific countries have signed the world`s largest trade agreement on GDP. The pact is expected to boost economic growth in a region hit hard by the coronavirus pandemic.
“Ratification is likely to be difficult in national parliaments, both because of anti-commercial and anti-Chinese sentiment,” he added. The RCEP is expected to eliminate a series of import duties within 20 years. Chinese President Hu Jintao (right, back) and former Chilean President Sebastian Pinera will participate in the signing ceremony of a complementary investment agreement in Vladivostok, eastern Russia, on September 9, 2012. [Xinhua] Chinese Premier Li Keqiang celebrated the signing of the agreement in a speech at the summit, saying: “The signing of the RCEP is not only a milestone in East Asian regional cooperation, but also a victory for multilateralism and free trade.” China has 11 free trade agreements in force, three of which are under negotiation and three others are under consideration. Many of them are relatively small, although they are useful for companies in the countries that have them, Chile, Costa Rice, Iceland and Peru.