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China and 14 other countries have agreed to set up the world's largest trading bloc, encompassing nearly a third of all economic activity, in a deal many in Asia are hoping will help hasten a recovery from the shocks of the pandemic.

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After eight years of negotiating with blood, sweat and tears, we have finally come to the moment where we will seal the RCEP Agreement," Malaysia's trade minister, Mohamed Azmin Ali, said in a statement. The accord will take already low tariffs on trade between member countries still lower, over time, and is less comprehensive than an nation trans-Pacific trade deal that President Donald Trump pulled out of shortly after taking office.

Officials said the accord leaves the door open for India, which dropped out due to fierce domestic opposition to its market-opening requirements, to rejoin the bloc.

It is not expected to go as far as the European Union in integrating member economies but does build on existing free trade arrangements. The deal has powerful symbolic ramifications, showing that nearly four years after Trump launched his America First" policy of forging trade deals with individual countries, Asia remains committed to multi-nation efforts toward freer trade that are seen as a formula for future prosperity. Ahead of Sunday's RCEP special summit" meeting, Japanese Prime Minister Yoshihide Suga said he would firmly convey his government's support for broadening a free and fair economic zone, including a possibility of India's future return to the deal, and hope to gain support from other countries.

The accord is also a coup for China, by far the biggest market in the region with more than 1. Now that Trump's opponent Joe Biden has been declared president-elect, the region is watching to see how US policy on trade and other issues will evolve. Analysts are skeptical Biden will push hard to rejoin the Trans-Pacific trade pact or roll back many of the US trade sanctions imposed on China by the Trump administration given widespread frustration with Beijing's trade and human rights records and accusations of spying and technology theft. Critics of free trade agreements say they tend to encourage companies to move manufacturing jobs overseas.

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So, having won over disaffected rust-belt voters in Michigan and western Pennsylvania in the Nov. But given concerns over China's growing influence, Biden is likely to seek more engagement with Southeast Asia to protect US interests, he said.

The fast-growing and increasingly affluent Southeast Asian market of million people has been hit hard by the pandemic Prodhcer is urgently seeking fresh drivers for growth. RCEP originally would have included about 3. Minus India, it still covers more than 2 billion people and close to a third of all trade and business activity. Among other concerns, Indian dairy farmers are worried about competition from New Zealand and Australian milk and cheese producers.

ASEAN, China, other partners sign world's biggest trade pact

Automakers fear imports from across the region. But overall, the biggest fear is over a flood of manufactured goods from China. Trade and investment flows within Asia have vastly expanded over the past decade, a trend that has accelerated amid feuding between the US and China, which have imposed billions of dollars' worth of punitive tariffs on each other's exports. Unlike the CPTPP and EU, it does not establish unified standards Lragest labor and the environment or commit countries to open services and other vulnerable areas of their economies.]