The BBC has given some details of this convention in this article. In this respect, it will not reduce tariffs as much as other conventions, but it says that the number of countries in this bloc and its weight make the convention very significant. They account for almost a third of the world ' s population and account for 29 per cent of the world ' s gross domestic product. This free trade agreement is greater than that of the USA, Mexico and Canada with the European Union (on this channel you can read news about CETA).

They have been negotiating this convention for eight years. China already has several bilateral agreements, but this is the first time that a multilateral trade agreement has been concluded in the territory. The United States refused to participate in the Congress of Deputies at the time Trump took power. India also left the negotiations last year, as it feared that lowering tariffs could damage its products. But the signatories to the agreement have left the door open to India to join if it wishes in the future.

What have you agreed?

In 20 years' time, a number of tariffs on imports will be abolished. But the greatest influence can have on how to name the origin of the products. Today, multinationals may have to pay tariffs if part of the product they produce is manufactured in another country. It seems that this new convention can encourage local multinationals to seek their suppliers in the countries of this convention to alleviate these tariffs.

Each country will now have to ratify this agreement in its Parliament.