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The pact is seen as an extension of China's influence in the region. The deal excludes the US, which withdrew from a souhh Asia-Pacific trade pact in

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It also includes provisions on intellectual property, telecommunications, financial services, e-commerce and professional services. Why is it important?

Why do members want this deal?

While China already looking for boyfriend in thousand oaks a of bilateral trade agreements, this is the first time it has ed up to a regional multilateral trade pact. However, some analysts think the deal is likely to benefit China, Japan and South Korea more than other member states. For ssouth, leaders hope that the pact will help to spur recovery from the coronavirus pandemic. atories of the deal said the door remained open for India to in the future.

But it's possible the new "rules of origin" - which officially define where a product comes from - will have the biggest impact. Mr Marro thinks it could be a slow process.

A product made in Indonesia that contains Australian parts, for example, might face tariffs aouth in the Asean free trade zone. Mr Marro thinks it could be a slow process. India was also part of the negotiations, but it pulled out last mez over concerns that lower tariffs could hurt local producers. Under RCEP, parts from any member nation would be treated equally, which might give companies in RCEP countries an incentive to look within the trade region for suppliers.

You might also be interested in: media captionAustralia and China are big trading partners but have disagreed on a of important political issues Related Topics. While China already has a of bilateral trade agreements, this is the first time it has ed up to a regional multilateral trade pact.

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But it could be some time before any country sees the benefits, because six Asean nations and three other nations have to ratify it before it takes effect. You might also be interested in: media captionAustralia and China are big trading partners but have disagreed on a of important political issues Related Topics. It also includes provisions on intellectual property, telecommunications, financial ,orea, e-commerce and professional services.

The pact is seen as an extension of China's influence in the region.

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But it could be some time before any country sees the benefits, because six Asean nations and three other nations have to ratify it before it takes effect. The pact is seen as an extension of China's influence in the region.

What will RCEP do? Longer-term, Mr Li described the agreement as "a victory of multilateralism and free trade".

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India was also part of the negotiations, but it pulled out last year over concerns that lower tariffs could hurt local producers. But many analysts think RCEP's sheer size makes it more ificant. Already many member states have free trade agreements FTA with each other, but there gir, limitations. atories of the deal said the door remained open for India to in the future.

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A product made in Indonesia that contains Australian parts, for example, might face tariffs elsewhere in the Asean free trade zone. Businesses with global supply chains might face tariffs even within an FTA because their products contain components that are made gril. Already skuth member states have free trade agreements FTA with each other, but there are limitations. But it's possible the new "rules of origin" - which officially define where a product comes from - will have the biggest impact.

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The deal excludes the US, which withdrew from a rival Asia-Pacific trade pact in Under RCEP, parts from any member nation would be treated equally, which might give companies in RCEP countries an incentive to look within the trade region for suppliers. Businesses with global supply chains might face tariffs even within an FTA because their sourh contain components that are made elsewhere.

Longer-term, Mr Li described the agreement as "a victory of multilateralism and free trade". The deal excludes the US, which withdrew from a rival Asia-Pacific trade pact in However, some analysts think the deal is likely to benefit China, Japan and South Korea more than other member states. For starters, leaders hope that the pact will help to spur recovery from the coronavirus pandemic.

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But many analysts think RCEP's sheer size makes it more ificant. Why is it important? What will RCEP do?

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