World’s largest trade deal will come into force in January. The U.S. won’t be part of it



Yen Nee Lee | CNBC

The world’s largest trade deal — which includes China and excludes the U.S. — will come into force in January next year.

It comes as Australia and New Zealand announced they have ratified the agreement.

The Regional Comprehensive Economic Partnership or RCEP was signed last year by 15 Asia-Pacific countries. The countries are the 10 members of the Association of Southeast Asian Nations and five of their largest trading partners China, Japan, South Korea, Australia and New Zealand.

Australia said in a statement on Tuesday that its ratification — together with New Zealand’s — paved the way for the deal to enter into force on Jan. 1, 2022, and allowed RCEP to reach a “milestone.”

New Zealand confirmed its ratification in a separate statement on Wednesday.

RCEP will be in force 60 days after a minimum of six ASEAN members and three non-ASEAN signatories ratify the agreement.

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