Moon signs RCEP trade pact after summit with leaders of 14 partner nations
SEOUL, South Korean President Moon Jae-in signed what will be the world’s largest free trade agreement on Sunday after concluding related talks during a virtual summit with the leaders of 14 partner countries, Cheong Wa Dae said.
The Regional Comprehensive Economic Partnership (RCEP) involves 10 members of the Association of Southeast Asian Nations (ASEAN) as well as South Korea, China, Japan, Australia and New Zealand, and their combined gross domestic product accounts for a third of the world’s total.
The pact calls for eliminating a considerable amount of tariffs on exports of goods.
India has dropped out of the negotiations, arguing that China would benefit more from the pact.
Cheong Wa Dae described the signing of the agreement as a “core result” of the Moon administration’s New Southern Policy aimed at improving strategic ties with Southeast Asian nations and also an opportunity for South Korea to become a “pacesetting” economic power.
Source: Yonhap News Agency