Fifteen countries agree world’s biggest trade pact in ‘landmark achievement’

Leaders and trade ministers of 15 countries have agreed to set up the world’s largest trading bloc (VNA via AP)

China and 14 other countries have agreed to set up the world’s largest trading bloc, encompassing nearly a third of all economic activity, in a deal many in Asia are hoping will help hasten a recovery from the shocks of the coronavirus pandemic.

The Regional Comprehensive Economic Partnership, or RCEP, was signed virtually on Sunday on the sidelines of the annual summit of the 10-nation Association of Southeast Asian Nations (ASEAN), hosted by Vietnam.