Australia And New Zealand Join World’s Largest Trading Bloc

November 16, 2020 03:42 PM AEDT
Team Kalkine

Australia and New Zealand have joined the league of 14 different nations across the Indo-Pacific region to establish the world’s largest trading bloc.

The union Regional Comprehensive Economic Partnership (RCEP) features China, Japan, South Korea and ten members of the Association of Southeast Asian Nations (ASEAN).

Basically, the gigantic international alliance is formulated to reduce a series of tariffs on imports over the next two decades.

To add to this, in order to lift up the exports between the countries and construct stronger supply chains, the deal shall have these nations make new regulations around intellectual property, communications, eCommerce and rules of origin (ROO).

As in for Australia, the new trade deal involves revised rules and procedures for accessing preferential tariffs in any of the 15 RCEP markets.

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Trading Bloc

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