ASEAN signs RCEP agreement
The ten ASEAN countries, plus 15 countries including China, Japan, South Korea, Australia and New Zealand, signed a free trade agreement on the past Sunday (15th). This agreement is named “Regional Comprehensive Economic Partnership Agreement” (RCEP). This agreement was led by the ten ASEAN countries, and neither the United States nor India participated. It is understood that this is the world’s largest free trade agreement. The economies of the countries covered together account for 30% of the global GDP and 28% of the global trade. The market estimates that coupled with electronic renminbi and blockchain technology, the agreement will help further accelerate the pace of renminbi internationalization.
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