(VOVWORLD) - The US Chamber of Commerce said on Monday it was concerned the United States was being left behind after 15 Asia-Pacific economies formed the world’s largest free-trade bloc on Sunday.
The Chamber welcomed the trade-liberalizing benefits of the Regional Comprehensive Partnership Agreement (RCEP), saying US exporters, workers and farmers needed greater access to Asian markets.
Myron Brilliant, Executive Vice President of the Chamber, noted that US exports to the Asia-Pacific market had increased steadily in recent decades but the market share of US firms declined.
He emphasized the importance of the Asia-Pacific market, citing forecasts that call for an average growth rate of over 5% in 2021 and a rapid expansion in the middle class.
RCEP — the world's biggest trade pact — covers a market of 2.2 billion people with a combined GDP of more than 26 trillion USD, nearly 30% of global GDP.