WREP - Comprehensive Regional Economic Partnership
The agreement on VREP on November 15, 2020 was signed by ASEAN countries and the five largest trade and economic partners of the bloc: Japan, Australia, China, New Zealand and the Republic of Korea.
This agreement forms the world's largest free trade zone with about 2.2 billion consumers and a GDP of $28 trillion, which is more than 32% of the total world GDP.
According to experts, by 2050, the total GDP of VREP countries may grow to $100 trillion.
2021: Japan approves agreement
On February 24, 2021, the government Japan , led by Prime Minister Yoshihide Suga, approved an agreement on a comprehensive regional economic partnership (VREP). The document will enter into force when more than half of the 15 participating countries ratify it.
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