The world's biggest trade bloc came into existence on Sunday.

15 Asia Pacific economies forming the China backed regional comprehensive economic partnership at a virtual summit on one notable absence.

Three United States with the U.

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Under President Donald Trump.

Having left the Barack Obama led trans Pacific partnership, the world's biggest economy is now on the outside of two trade groups spanning the world's fastest growing region, and it's the world's second biggest economy that will likely benefit.

China will now have greater scope to shape the region's trade rules thanks to the partnership, which groups the 10 member Association of Southeast Asian Nations, or ASEAN, with Japan, South Korea, Australia, New Zealand on China.

The Rcep aims to progressively lower tariffs across many areas and also marks the first time rival Eastern powers China, Japan and South Korea have been in the same trade deal.

Economists say it could also help Beijing cut its dependence on overseas markets and technology, a shift that's been accelerated by a deepening rift with Washington on despite a president elect who was vice president in the U.

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Administration that drove the trans Pacific partnership forward Analysts say Joe Biden is unlikely to rejoin the TPP anytime soon as significant domestic challenges will be prioritized.

Vietnam, which hosted Sunday's summit, said the bloc one account for 30% of the world's economy, 30% of its population will reach 2.2 billion consumers.