MULTILATERALISM IN TRADE LIVES ON IN RCEP: China and 14 other countries have agreed to set up the world's largest trading bloc, the Regional Comprehensive Economic Partnership (RCEP) encompassing nearly a third of the global economic activity. The pact includes the 10 nations belonging to the Association of Southeast Asian Nations, China, Japan, South Korea, Australia and New Zealand, but not the US and India. Going beyond the powerful symbolism of resilience to the trade war with the US, China is clearly proving a point that multilateralism in trade is alive and kicking in Asia and has the potential to hasten the recovery from the shocks of the pandemic. [COMMENT BY: Babu Das Augustine, Business Editor]
AP