Australia has ratified one of the biggest trade deals spanning the Asia-Pacific region, but has maintained “grave concerns” over the political situation in Burma, also known as Myanmar. The Regional Comprehensive Economic Partnership (RCEP) includes 15 signatories, covering 2.2 billion people, and 29 percent of global GDP. The 15 countries include ASEAN nations, Burma, Vietnam, Thailand, the Philippines, Laos, Cambodia, Malaysia, Singapore, Indonesia, and Brunei, as well as Australia, China, Japan, New Zealand, and South Korea. In a joint statement on Nov. 2, Foreign Minister Marise Payne and Trade Minister Dan Tehan said businesses and farmers would have access to the benefits under the agreement from Jan. 1, 2022. “RCEP will be the world’s largest free trade agreement, bringing nine of Australia’s top 15 trading partners into a single economic framework,” the statement said. The minister’s noted, however, that ratifying the deal did not “change the government’s grave concerns regarding …
Australia Ratifies World’s Biggest Trade Agreement With 15 APAC Countries
November 2, 2021
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Asia & PacificAustraliaBusiness & EconomyChinaChina-Australia RelationsComprehensive and Progressive Agreement for Trans-Pacific PartnershipCPTPPDan TehanEconomiesInternationalMarise PayneRCEPRegional Comprehensive Economic PartnershipWorld
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