Benedictions in 2020 have been rare but two large trading deals surely count. The glow in the East comes from the November-born Regional Comprehensive Economic Partnership (RCEP) that yokes the 10-member Asean grouping with five important trading partners including heavyweight China. The hope in the West arises from the Christmas-eve deal between the United Kingdom and the European Union that sets out how they will engage from Jan 1, when Britain's decoupling from the continent is complete. The stark difference between the two deals is what makes this an especially educative moment. The RCEP is oriented towards dismantling trade barriers, while the European deal springs up fences where there were none for the last 47 years.

The separation will go down easier, thanks to the last-minute agreement that will let the UK and the EU continue to trade in goods on zero-tariff, zero-quota basis. Trade in services, though, is the weak link, and a matter of worry for London's future as a financial centre. But Prime Minister Boris Johnson has wrested the reins on other fronts, including the right to set Britain's own labour, environment and other regulations. The EU retains the ability to apply tariffs if it believes the UK has distorted the playing field with government subsidies, for instance. Even fishing, the big bone of contention, has been settled for at least five years, after which haggling can resume.