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The signing of the Regional Comprehensive Economic Partnership by China, Japan, South Korea, and 12 other Asia Pacific states over the weekend paves the way for a reduction in trade barriers at a time that the U.S.-China decoupling and the Covid-19 pandemic pose challenges to global commerce. The RCEP deal may support a relatively faster recovery for its members, particularly China: The agreement may buoy China's gross domestic product by 0.5% a year through 2030, Bloomberg Economics estimates. South Korea could benefit from a 1.4% boost and Japan by 1.3%, assuming 90% of tariffs are eliminated.
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