Fifteen countries have formed the world`s largest trading bloc and cover nearly a third of the global economy. Most-favoured-nation status is an important element of free trade agreements. Most-favoured-nation status in a free trade agreement creates a situation in which all countries are treated equally. The benefits, tariff reductions and other trade privileges applied to a country apply to all most-favoured-nation countries. Chinese President Xi is opening up to other trade deals and importing DR-CAFTA. Dr-CAFTA, formerly known as CAFTA, is the free trade agreement between Costa Rica, Guatemala, Honduras, El Salvador, Nicaragua, the United States and, most recently, the Dominican Republic, which brought the agreement into force in March 2007. .