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Vietnam's Prime Minister Nguyen Xuan Phuc (R) is pictured on a TV monitor next to leaders of other country signatories during the signing ceremony for the Regional Comprehensive Economic Partnership at a virtual summit, hosted from Hanoi. Photo: Nhac Nguyen /AFP via Getty Images

China and 14 other countries in the Asia-Pacific region on Sunday formed the Regional Comprehensive Economic Partnership.

Why it matters: The RCEP is the world's biggest free trading bloc, accounting for almost a third of all economic activity.

  • The nations aim for the pact to "mitigate the crippling cost of the coronavirus and ease financial pain," per a statement from Vietnam's government, from where the leaders' online summit was hosted.

Of note: The agreement will see "already low" trade tariffs between member nations progressively reduce further, though it's "less comprehensive" than the Trans-Pacific Partnership that President Trump withdrew the U.S. from in 2017, AP notes.

The big picture: The signatories comprise the leaders of the 10-member Association of Southeast Asian Nations, China, Japan, South Korea, Australia and New Zealand.

Go deeper

Miriam Kramer, author of Space
Dec 1, 2020 - Science

The rise of military space powers

Illustration: Aïda Amer/Axios

Nations around the world are shoring up their defensive and offensive capabilities in space — for today's wars and tomorrow's.

Why it matters: Using space as a warfighting domain opens up new avenues for technologically advanced nations to dominate their enemies. But it can also make those countries more vulnerable to attack in novel ways.

What COVID-19 vaccine trials still need to do

Illustration: Sarah Grillo/Axios

COVID-19 vaccines are being developed at record speed, but some experts fear the accelerated regulatory process could interfere with ongoing research about the vaccines.

Why it matters: Even after the first COVID-19 vaccines are deployed, scientific questions will remain about how they are working and how to improve them.

29 mins ago - Podcasts

Faces of COVID creator on telling the stories of those we've lost

America yesterday lost 2,762 people to COVID-19, per the CDC, bringing the total pandemic toll to 272,525. That's more than the population of Des Moines, Iowa. Or Baton Rouge, Louisiana. Or Toledo, Ohio.

Axios Re:Cap speaks with Alex Goldstein, creator of the @FacesofCOVID Twitter account, about sharing the stories behind the statistics.

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