China, ASEAN set world’s biggest trade pact, leave door open for India

China and 14 other countries have agreed to set up the world’s largest trading association, inculcating nearly a third of all economic activity, many in Asia are hoping that the association will help hasten a recovery from the shocks of the covid-19 slowdown. RCEP, is to be signed virtually on the sidelines of the annual summit of the 10-nation Association of Southeast Asian Nations which includes Japan, South Korea, China, Australia and New Zealand, but not the United States. The accord leaves the opportunity open for India, which dropped out due to fierce domestic opposition to its market-opening requirements, to rejoin the association.