Years of negotiations between 5 countries ended positively. The "Regional Comprehensive Economic Partnership Agreement", known as the world's largest free trade agreement, was signed between Asian countries. In the negotiations that lasted for 8 years, it was aimed for the member countries to agree on free trade.
The date was delayed constantly due to the different commercial priorities of the countries in the region. It was possible for 15 countries to reach a consensus at the 37th Leaders Summit of the Association of Southeast Asian Nations. The summit was held by videoconference method within the scope of coronavirus measures. Covering a population of 2.1 billion, the deal accounts for 30 percent of the global gross domestic product. The agreement, which is predicted to increase China's economic dominance in the Asia-Pacific Region, is expected to put the US and European companies at a disadvantage.
