ASEAN to sign world's largest trade agreement

The leaders of the ten members of the Association of Southeast Asian Nations (ASEAN) have begun talks on a trade agreement backed by China, Report informs, citing Reuters.

The document is expected to be signed at the ASEAN summit in Hanoi, Vietnam, on November 12-15.

It will take place against the backdrop of the US election uncertainty. The trade agreement will gradually reduce tariffs in many areas and could become the world's largest trade agreement.

ASEAN includes a total of 15 countries. These countries are home to about one-third of the world's population and produce 29% of the world's gross domestic product. China is the largest importer of goods from ASEAN.

Vietnamese Foreign Minister Nguyen Quoc Dung said the signing of the trade agreement would give impetus to regional trade and be the most critical ASEAN summit outcome. Following the treaty, China's position in economic partnership with Southeast Asia, Japan, and South Korea will strengthen.