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East Asia and Pacific annual growth forecasts downgraded from 5% to 3.2% as China’s economy cools, largely due to zero-Covid policy 
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The Regional Comprehensive Economic Partnership covers nearly a third of the global economy.
Graham Watson's insight:
A rare bit of good news to end 2020, 15 nations have created an Asia-Pacific free trade area to be known as the Regional Comprehensive Economic Partnership (RCEP). It should enhance trade in the region and generate significant economic gains.
If only we in Britain could be a member of such a powerful trading bloc...
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It comes the day after a regional security agreement between the US, UK and Australia was unveiled.
Graham Watson's insight:
Fascinating news - China responds to the Aukus pact - between Australia, the US and the UK to co-operate in the Pacific by looking to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which was originally created by the US to counter China's influence.
If China joins is it likely to shift the centre of economic gravity in its favour.
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The deal is almost a decade in the making and covers nearly a third of the global economy
Graham Watson's insight:
On the plus side, it seems that ASEAN and other nations - China, Japan, South Korea, Australia and New Zealand - are on the verge on a historic trade deal, creating a free trade zone larger than either the EU or NAFTA.
Will this mark a significant shift in the centre of economic gravity within the global economy, or, has that already occurred?
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And China's growth is lagging behind Asia-Pacific growth for the first time in decades according to the World Bank.
It could be a long, cold winter.