Dr. Perryman explains trade strategies and the importance of such an agreement for the United States.
A new trade agreement covering about 30% of the global economy has been signed. The Regional Comprehensive Economic Partnership (RCEP) includes China, Japan, South Korea, New Zealand, Australia, and 10 Southeast Asian economies. It's the world's largest in terms of the amount of gross product covered, slightly above the US-Mexico-Canada Agreement (USMCA) according to most estimates. About 2.1 billion people reside in member nations. India is not in the deal at this point but can join at a later date.