Fifteen Asia-Pacific nations have formally implemented the Regional Comprehensive Economic Partnership (RCEP), establishing the world's largest free trade bloc. Sweeping across prominent economies including China, Japan, South Korea, Australia, and the ASEAN members, RCEP encompasses about 30% of global GDP and approximately 30% of the global population.
Evaluate the economic consequences of the expansion of regional trading blocs, such as RCEP, on global trade patterns and the multilateral trading system.
