RCEP trade pact heralds dawn of Asian Century
BANGKOK – The Regional Comprehensive Economic Partnership (RCEP), a 15-member Asian trade pact that was first broached nearly a decade ago, was signed and sealed today at a virtually-held regional summit.
The Association of Southeast Asian Nations (ASEAN) ten members, China, Japan, South Korea, Australia and New Zealand are all included in what will be the world’s largest free trade pact.
The virtual summit showed RCEP nation leaders take turns standing behind their respective trade ministers who one by one signed copies of the agreement.
The 15 Asian nations account for roughly a third of the world’s population and gross domestic product (GDP) even without India, which decided to leave the deal last year due to concerns it would hurt local industries and producers.
The combined GDP of signatory nations is a whopping US$26.2 trillion and will be bigger than both the US-Mexico-Canada Agreement and the European Union.
The RCEP will eliminate as much as 90% of tariffs on imports between signatory nations within 20 years and will establish common rules for e-commerce, trade and intellectual property while shying from any commitments on labor or the environment.
https://asiatimes.com/2020/11/rcep-trade-pact-heralds-dawn-of-asian-century/
Asia forms world's largest trading bloc RCEP after years of talks
SINGAPORE -- Fifteen countries spanning the Asia-Pacific region on Sunday signed the Regional Comprehensive Economic Partnership agreement, creating the world's largest trading bloc that promises to help speed up the members' post-pandemic growth.
The 15 countries are China, Japan, South Korea, Australia and New Zealand, along with the 10 members of the Association of Southeast Asian Nations. Together, they account for around 30% of the world's gross domestic product and population.
This marks the first time China enters a nonbilateral free trade agreement of this scale. Coming at a time when the U.S. is less enthusiastic about joining global trade deals and talks on a post-Brexit trade deal between the European Union and the U.K. stall, Asia looks to take the lead in shaping the new global trade architecture.
The newly signed free trade framework extends beyond trade to set common rules and standards for a range of economic activitiy.
RCEP will take effect after at least six ASEAN countries and three non-ASEAN countries ratify it.
https://asia.nikkei.com/Economy/Trade/Asia-forms-world-s-largest-trading-bloc-RCEP-after-years-of-talks
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