Vietnam. China and 14 other countries reached an agreement on the world’s largest trade partnership, which holds one-third of the world’s economic activity. The Regional Comprehensive Economic Partnership (RCEP) agreement was signed at a virtual meeting of the Association of Southeast Asian Nations (ASEAN) on Sunday.

Vietnam’s Prime Minister Ngyuen Xuan Phuc, who chaired the conference, said, “RCEP will soon be ratified by signatory countries and take effect, contributing to the post-COVID pandemic economic recovery.”

Luong Hoang Thai, head of the Multilateral Trade Policy Department at Vietnam’s Ministry of Industry and Trade, stated that RCEP “will help reduce or remove tariffs on industrial and agricultural products and set out rules for data transmission.” In addition to the 10 ASEAN member states, the accord includes China, Japan, South Korea, Australia and New Zealand, but not the United States of America.

India has also been invited to join the group, but the state has backed down, after protests erupted over the agreement.

Details of the RCEP agreement have not been made public. Japan has said it will take time to respond to the agreement. ASEAN member countries include Cambodia, Indonesia, Laos, Myanmar, Philippines, Thailand, Brunei, Singapore, Malaysia and Vietnam.