India wanted to join RCEP but didn't because of China. This grouping is RCEP-China+India. It is created on India's interest.U.S. doesn't want to sign any free trade agreement,
doesn't want to open more market,
doesn't want to lower tax
doesn't want to give any benefit.
This framework is a trap to milk any countries who want to be part of it.
If Biden want to sign any free trade agreement, or give any major benefit to any countries, Biden will lose midterm election, and general election.
Everyone knew it.
Haha true, but a reduction in tariffs would benefit a lot of countries, or maybe the aim is to create alternate supply chains and investment policies, don’t know whether it’s a serious plan or just another jumla for public consumption.Nobody knows until US clarifies it. Because every country in the group would be happy to sign an FTA except USA.
Alternative supply chain is the main motive. Maybe a RCEP like framework and FTA with the exception of USA. Instead US may provide other perks of market access (which escapes WTO ruling) which can seriously affect Chinese supply chain. As China is building a bipolar world, US is building a bipolar Asia.Haha true, but a reduction in tariffs would benefit a lot of countries, or maybe the aim is to create alternate supply chains and investment policies, don’t know whether it’s a serious plan or just another jumla for public consumption.
According to an “insight” paper on IPEF put out by the US Congressional Research Service in February, the IPEF is not a traditional trade agreement. Rather, it would include different modules covering “fair and resilient trade, supply chain resilience, infrastructure and decarbonization, and tax and anticorruption”. Countries would have to sign up to all of the components within a module, but do not have to participate in all modules. The “fair and resilient trade” module will be led by the US Trade Representative and include digital, labor, and environment issues, with some binding commitments. The IPEF will not include market access commitments such as lowering tariff barriers, as the agreement is “more of an Administrative arrangement”, and Congressional approval, which is a must for trade agreements, is not mandatory for this.What is it exactly going to do?
Not because of China.India wanted to join RCEP but didn't because of China. This grouping is RCEP-China+India. It is created on India's interest.