The agreement will cover one third of the worlds GDP and population and was signed by Australia, China, Japan, New Zealand, South Korea and the 10 members of ASEAN, including Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam. India withdrew from the RCEP (Regional Comprehensive Economic Partnership) negotiations last year due to concerns about its agricultural and manufacturing sectors when facing more foreign competition.

The trade deal was made in order to recover from the pandemic. It lowers tariffs, opens up the service sector and sets common trade rules.