November 19, 2020 — A new trade deal could open up Southeast Asia to Chinese e-commerce, while also boosting Association of Southeast Asian Nations [ASEAN] as an alternative to Chinese processors.
The Regional Comprehensive Economic Partnership (RCEP), which was signed on 15 November, reduces barriers to trade between China and 15 Asian-Pacific countries. The partnership includes 10 Southeast Asian economies as well as Japan, South Korea, New Zealand, and Australia. It covers 2.1 billion people, with RCEP’s members accounting for around 30 percent of global GDP. Possibly the world’s biggest free-trading bloc, RCEP members account for almost a third of global economic activity.