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RCEP is a trade agreement between countries in Asia and Oceania, which forms the largest trading bloc in the world measured by its population, GDP and amount of international trade. The treaty was signed on November 15, but the ratification of each of the member countries is still pending.
The RCEP is indeed a milestone for regional economic integration and post-pandemic economic recovery for member countries. In addition, it will strengthen the supply chain synchronization among the regional members that has been disrupted by the recent COVID-19 pandemic and China-US decoupling.
