Which agreement became the world’s largest free-trade bloc when it entered into force in 2022?

The Regional Comprehensive Economic Partnership became the world’s largest free-trade bloc when it entered into force in 2022.

Usually abbreviated RCEP, the agreement brings together the ten ASEAN members with Australia, China, Japan, New Zealand and South Korea. It was signed on 15 November 2020 and entered into force on 1 January 2022 for its first participating countries.

RCEP was designed to simplify regional trade rules, especially rules of origin used to determine where a product qualifies for preferential treatment. It does not create a single market like the European Union. Its members account for roughly a third of global economic output and population, although exact shares vary by measurement and year.