Asian Nations Sign World's Biggest Regional Trade Deal

The transcript discusses the impact of COVID-19 on global trade and the economic recovery efforts led by various nations, including Australia and Indonesia. It highlights the largest trade deal involving ASEAN countries, China, Japan, South Korea, Australia, and New Zealand, which aims to eliminate tariffs on 92% of traded goods. The transcript also addresses the trade tensions between Australia and China, exacerbated by Australia's call for a COVID-19 inquiry. The trade deal could potentially ease these tensions. Finally, the ratification process and the future steps for the trade deal are outlined, with Singapore expected to approve it soon.

What was one of the main reasons India withdrew from the trade deal?

• Concerns over farm subsidies

• Disagreements over technology transfer

• Lack of support from ASEAN countries

• Pressure from the United States

How might the new trade deal benefit Australia in its relations with China?

• By reducing tariffs on Australian goods

• By increasing Australia's exports to the US

• By allowing Australia to impose sanctions on China

• By providing a platform for diplomatic meetings

What has been a significant challenge for Australian goods entering China?

• Competition from other ASEAN countries

• Lack of demand

• Bureaucratic inspections and reviews

• High tariffs

What impact does the trade deal have on China's influence in the region?

• It diminishes China's influence

• It boosts China's influence

• It isolates China from other countries

• It has no impact on China's influence

What is required for the trade deal to come into effect?

• Ratification by six Asian and three non-Asian countries

• Approval from all ASEAN countries

• Endorsement by the World Trade Organization

• A unanimous vote by the United Nations