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China and 14 other Asia-Pacific countries signed the world’s largest trade agreement

Fifteen countries spanning the Asia-Pacific region signed the Regional Comprehensive Economic Partnership (RCEP) agreement. It is the world’s largest trading bloc covering a market of 2.2 billion people and $26.2 trillion of productions. That accounts for about 30% of the global population and economy that is larger than the United States-Mexico-Canada combined and the European Union.

Negotiations over the new multilateral trade agreement began in 2012 and it was finally signed on Sunday, 15 November 2020, by the 10-member ASEAN countries with the region’s leading trading partners China, Japan, South Korea, Australia, and New Zealand. 

The deal excludes the US, which withdrew from a rival Asia-Pacific trade pact in 2017. President Donald Trump pulled his country out of the Trans-Pacific Partnership (TPP) shortly after taking office. Analysts said it will further elevate China’s political and economic dominance in the region over the US.

In the markets

Trading Signals Asia observed the dollar lost value against other major currencies earlier today, while the pound and the euro drew strength from signs that the UK and the EU could make progress on a post-Brexit deal. Later today, we expect to see the trend continuation on EURUSD and correction on GBPUSD and USDJPY.

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