RIO DE JANEIRO, BRAZIL - On Sunday, November 15th, China and 14 other countries in the Asia Pacific region finalized what is so far the largest trade agreement in the world. The free trade agreement was named the Regional Comprehensive Economic Partnership (RCEP). The trade bloc covers a market of 2.2 billion people and US$26 trillion, or one-third of global GDP.
It should still be years before the alliance broadly changes global trade, and some of the signatories also had agreements among themselves. But the symbolism of the treaty is great, particularly in view of the trade war . . .