On November 15, 2020, the ten member states of ASEAN and other countries including China, Japan, South Korea, Australia, and New Zealand formally signed the Regional Comprehensive Economic Partnership Agreement ("RCEP"). RCEP establishes the world’s largest free-trade zone, covering 30% of the world's population (2.2 billion people) and 30% of the global economy. RCEP is formulated based on existing "10+1" free trade agreements by and between the ten ASEAN member states and other contracting states, but the level of openness in RCEP is significantly greater than these preceding "10+1" agreements.