RCEP is a free trade agreement among Asia-Pacific nations:
- Australia, Brunei, Cambodia, China, Indonesia, Japan, South Korea, Laos, Malaysia, Myanmar, New Zealand, the Philippines, Singapore, Thailand, and Vietnam.
Some of the numbers applicable to RCEP:
- covers a market of 2.2 billion people
- $26.2 trillion of global output
- grouping covers about 30% of the world’s population
- is also larger than other regional trading blocs such as the United States-Mexico-Canada Agreement (USMCA) and the European Union
I’m unsure how China’s trade levies against Australia fit with the free trade agreement.
Map via Wikipedia.