Japan approves world's largest free trade pact with China and ASEAN

Move raises possibility for RCEP to enter into force later this year

20210428 RCEP collage

The Regional Comprehensive Economic Partnership, or RCEP, will create a free trade zone covering a vast section of the world's economy.

TOKYO (Kyodo) -- Japan's parliament approved Wednesday the world's largest free trade deal, signed by 15 Asia-Pacific countries including China and the 10-member Association of Southeast Asian Nations, raising the possibility for the pact to enter into force later this year.

The Regional Comprehensive Economic Partnership will create a free trade zone covering about 30 percent of the world's gross domestic product, trade and population. It will be Japan's first trade deal involving both China and South Korea -- its largest and third biggest trade partners.

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