Regional Comprehensive Economic Partnership (ASEAN+6)
If both the US and China join the CPTPP, and it becomes the world’s largest free trade agreement, then the RCEP would recede in significance. CPTPP, comprising both the US and China, sensing more economic benefits in committing to the RCEP.
China will complete the necessary domestic approval procedures for the Regional Comprehensive Economic Partnership agreement within six months, the Ministry of Commerce said.
China will step up efforts to expand its free trade area network with trading partners across the world to enlarge its “circle of friends”, while eliminating more tariffs on goods and broadening market access for services trade and investment, according to commerce minister Wang Wentao.
RCEP will only deepen inequalities that already exist and were exacerbated further by the pandemic. It will further undermine the livelihoods of farmers, fishers, indigenous peoples and rural women, and threaten jobs for workers.
South Korea formally inked a comprehensive trade deal with Indonesia, paving the way for local exporters to penetrate deeper into the Southeast Asian market.
South Korea and Japan look set to be the biggest winners in the Asian oil and chemicals marketplace as the world’s largest regional free-trade agreement paves the way for a gradual reduction in tariffs.
If indeed the RCEP is an ASEAN-led initiative, it fell short of supporting the ASEAN Community Vision 2025. The RCEP offers little in terms of shedding ASEAN’s elitist image and committing to the development of a highly inclusive, people-oriented and people-centred community.
India’s focus has shifted to the creation of a strong domestic agricultural and industrial base, and therefore, joining the RCEP no longer appears to be a priority.
“It’s not as bad as the worst agreements out there” really shouldn’t be a cause for celebration.
China’s renewed pursuit of a free trade agreement with South Korea and Japan appears aimed at undercutting US influence and shaping regional economic cooperation on terms favorable to it.
Australia’s recent signature of the RCEP has attracted world attention for its significance in consolidating Asia-Pacific geopolitical relations. But in celebrating this agreement, we seem to have forgotten its unfinished business regarding labour and human rights.
China will step up efforts to expand the free trade area network across the world to enlarge its “circle of friends”, according to China’s Commerce Minister Zhong Shan.
The inclination is clearly towards bilateral trade agreements, where India has more flexibility in negotiating terms that it feelss wouldn’t disadvantage domestic manufacturers.
The challenge is not that the world’s biggest trade deal is China-led or heralds a Sinocentric order – both of which are misrepresentations anyway – but that the Asia-Pacific region has shown no need of US leadership or even involvement.
India, which has not signed any trade agreement since 2012, will soon revive talks on the possible free trade agreement (FTA) with the European Union and the US.
India’s decision to stay out of the China-backed Regional Comprehensive Economic Partnership, or RCEP, Asia’s mega free-trade agreement (FTA), has been met both with a sense of approval and disappointment and divided economists on the issue.
Japan aims to expand a major regional free trade pact called the CPTPP, Prime Minister Yoshihide Suga said on Friday, potentially catering for China’s and Britain’s interest in joining the deal.
India refused to join RCEP citing reservations that goods manufactured by China could come into India. Jaishankar also said India would like a fair and balanced trade deal with the European Union.
The Regional Comprehensive Economic Partnership (RCEP) that was signed virtually yesterday is a wake up call for the cheerleaders of hyperglobalisation: countries and their peoples have become wary and weary of these mega-free trade deals