Market news
19.03.2021, 14:30

RCEP trade pact seen boosting Japan's GDP by 2.7%

Reuters reports that Japanese government estimate showed that a trade deal among fifteen economies in the Asia Pacific would boost Japan's economy by 2.7% when its benefits fully appear.

15 Asia-Pacific nations signed the Regional Comprehensive Economic Partnership (RCEP) trade agreement in November last year, covering nearly a third of the global population and about 30% of its global gross domestic product. RCEP includes China, Japan, South Korea, Australia, New Zealand and the 10 members of the Association of South East Asian Nations (ASEAN).

The trade deal would lift Japan's gross domestic product (GDP) 2.7%, which would be worth about 15 trillion yen ($137.82 billion) based on the nation's economy in fiscal 2019. It would have the value of creating an additional 570,000 jobs, according to the estimate.

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