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Regional Comprehensive Economic Partnership (RCEP)

"So much wasted efforts spent on negotiating the ir..."

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Regional Comprehensive Economic Partnership (RCEP) is a proposed free trade agreement (FTA) between the ten member states of the Association of Southeast Asian Nations (ASEAN) (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, Vietnam) and the six states with which ASEAN has existing FTAs (Australia, China, India, Japan, South Korea and New Zealand).

RCEP negotiations were formally launched in November 2012 at the ASEAN Summit in Cambodia. RCEP is viewed as an alternative to the Trans-Pacific Partnership trade agreement, which excludes China and India.

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geopolitics.panjury.com

Geopolitics is a method of studying foreign policy to understand, explain and predict international political behavior through geographical variables. These include area studies, climate, topography,...

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The TPP was a key element of President Obama’s strategic rebalance to Asia, but his administration has given up on the idea of ratifying the deal in the lame duck session of Congress. And President-elect Donald Trump has made it clear for one last time on television that he will axe the TPP on day one of his presidency.

China, meanwhile, has lost no time in pushing forward its own vision for free trade in Asia through the Regional Comprehensive Economic Partnership (RCEP), a potential deal it has long championed involving 14 Asian nations, plus Australia and New Zealand.

The RCEP would involve much lower standards for the environment, labour rights and intellectual property protection than the TPP and does not include the United States, potentially leaving US businesses at a competitive disadvantage in Asia.

“There’s no doubt that there would be a pivot to the Regional Comprehensive Economic Partnership if the TPP doesn’t go forward,” Japanese Prime Minister Abe said, according to the Kyodo news agency.

Vietnam has already indicated it won’t go ahead with ratification of the TPP, while Malaysia has said it will now turn its attention towards the RCEP negotiations. Chile and Peru have also expressed interest in joining RCEP negotiations in the light of the TPP’s problems.

on November 23, 2016
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Regional Comprehensive Economic Partnership (RCEP)

So much wasted efforts spent on negotiating the irredeemable TPP, while China pushed its own deal that is now more likely than ever to materialize
Book rating: 42 out of 100 with 1 ratings