The pact, the Regional Comprehensive Economic Partnership, or R.C.E.P., is limited in scope. The pact covers more of humanity — 2.2 billion people — than any previous regional free trade agreement and could help further cement China’s image as the dominant economic power in its neighborhood. It also comes after a retreat by the United States from sweeping trade pacts that reshape global relationships. Nearly four years ago, President Trump pulled the United States out of the Trans-Pacific Partnership, or T.P.P., a broader agreement than the R.C.E.P. Each country’s trade minister took turns signing a separate copy of the pact while his or her head of state or head of government stood nearby and watched.

Source: International New York Times November 15, 2020 06:33 UTC