South Korea and 14 Asia-Pacific countries have reached agreement on the world's largest trade pact called the Regional Comprehensive Economic Partnership(RCEP).

President Moon Jae-in and leaders of the 14 nations announced the agreement Monday at an RCEP summit in Thailand, expressing a willingness to sign it next year. 

RCEP is backed by China and also brings in the ten-member Association of Southeast Asian Nations, Japan, South Korea, Australia and New Zealand.

Another participating country, India, refused to agree to the deal, however, and decided to determine its position later after resolving issues with other countries. 

RCEP member states account for nearly 30 percent of global GDP. The pact is expected to provide new opportunities for South Korea in trade, investment and exports.