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What are the top 10 trade deals or negotiations that have significantly impacted the global economy this year?

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1. United States-Mexico-Canada Agreement (USMCA): Replacing NAFTA, this deal governs $1.3 trillion in trade and has implications for the automotive, agriculture, and labor sectors.
2. Regional Comprehensive Economic Partnership (RCEP): Signed between 15 Asian countries, including China, this trade deal covers nearly a third of the world’s population and gross domestic product, fostering economic integration.
3. China-EU Comprehensive Agreement on Investment (CAI): Though not yet ratified, the CAI aims to promote investment between China and the European Union, offering more access to Chinese markets for EU investors.
4. United Kingdom-European Union Trade and Cooperation Agreement: After the Brexit transition period, this comprehensive deal was reached, preventing steep tariffs and quotas on goods traded between the UK and EU.
5. African Continental Free Trade Area (AfCFTA): With African countries eliminating tariffs on 90% of goods, this agreement aims to create the world’s largest free trade area, potentially boosting the continent’s economic growth.
6. Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP): This trade bloc brings together 11 Pacific Rim countries, including Japan, Canada, Australia, and Mexico, promoting trade liberalization and economic integration.
7. United States-China Phase One Trade Deal: Signed in January 2020, this agreement sought to resolve several trade disputes between the two largest economies, but trade tensions continued throughout the year.
8. Mercosur-European Union Free Trade Agreement: Though still pending ratification, this trade agreement between the European Union and South American countries aims to eliminate most tariffs between the regions.
9. China-Australia Free Trade Agreement: Despite growing political tensions, China remains Australia’s largest trading partner, and this agreement focuses on further reducing trade barriers between the two nations.
10. Japan-United Kingdom Comprehensive Economic Partnership Agreement: This deal, signed in October 2020, aims to maintain trade between Japan and the UK post-Brexit by eliminating tariffs on goods and promoting investment.

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