The largest world trade agreement

It was signed by China, Japan, South Korea, New Zealand, and Australia, in addition to ten Southeast Asian economies, Indonesia, Thailand, Singapore, Malaysia, the Philippines, Vietnam, Burma, Cambodia, Laos, and Brunei.

The agreement, proposed in 2012, is seen as a reaction by Beijing to the Trans-Pacific Economic Cooperation Agreement (TPP) signed in 2016 in New Zealand by 11 countries. The United States was the driving force behind this agreement during the presidency of Barack Obama, but it practically collapsed when Washington withdrew during the administration of Donald Trump.

The Regional Comprehensive Economic Association (RCEP) is now the world's largest trade agreement in terms of Gross Domestic Product (GDP), accounting for around 30% of global GDP and more than 2 billion people.

It is presumed that the new framework will boost the trade in footwear and manufacturing among its members.