Fifteen countries in the Asia Pacific region signed onto a new economic partnership to create the world’s largest economic bloc, comprising one-third of the world’s gross domestic product.

All 10 nations in the Association of Southeast Asian Nations, China, Japan, South Korea, Australia, and New Zealand signed the Regional Comprehensive Economic Partnership during a virtual summit of the ASEAN on Sunday, according to the Associated Press. Those who participated in the deal hope reduced tariffs will help participating countries dig their way out of the economic fallout caused by the coronavirus pandemic.