By 2016, China was the largest trading partner of 124 other countries. China is the largest trading partner for the ASEAN nations, with a total trade value of $345.8 billion in 2015 accounting for 15.2% of ASEAN's total trade. ASEAN is also China's largest trading partner. In 2020, China became the largest trading partner of the European Union for goods, with the total value of goods trade reaching nearly $700 billion. China, along with ASEAN, Japan, South Korea, Australia and New Zealand, is a member of the Regional Comprehensive Economic Partnership, the world's largest free-trade area covering 30% of the world's population and economic output. China became a member of the World Trade Organization (WTO) in 2001. In 2004, it proposed an entirely new East Asia Summit (EAS) framework as a forum for regional security issues. The EAS, which includes ASEAN Plus Three, India, Australia and New Zealand, held its inaugural summit in 2005.