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The signatories of the Regional Comprehensive Economic Partnership (RCEP) are Australia, China, Japan, South Korea and New Zealand and the 10 members of the Association of Southeast Asian Nations (ASEAN.) The pact is meant to reduce trade barriers and make it easier for the regional neighbors to do business—and the biggest winners and losers are already clear. India was initially meant to sign on, as well. But, fearing a deluge of cheap imports, it withdrew from negotiations in late 2019.