Our figure of the month 12/2020: RCEP – today already trade focus
The conclusion of the RCEP (Regional Comprehensive Economic Partnership) agreement is a statement for free trade in times of increasing protectionism. In November 2020, 15 countries in the Asia-Pacific region agreed on tariff reductions and uniform rules for the exchange of goods and services. The RCEP countries account for 30 percent of world trade and 30 percent of the world's population. It is the largest free trade agreement in the world, ahead of the European Union (28 percent of world trade). Together, these three free trade zones account for 72% of world trade.