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Asian nations to ink big Chinese-backed trade deal on Nov. 15, covering around a third of the world's population

Lol South Asian countries seem to be cut off from the world's vibrant economic/trade block./supply chains. Reason they are so poor and growth seems to be less than their real potential. South Asian countries don't trade much with even themselves(much less the world) given the trade barriers and outdated protectionists policies they have implemented and a policy of using conflict/dispute to limit trade and investment. Just look at the Silly meaningless trade figures between Pakistan and India, compare it to the trade figures and economic links between China and Japan for example (same population ratio and same geo political disputes). You can see the difference clear as day. Sane with the massive trade going on between China and Taiwan (2 long bitter disputes). Etc.
By contrast South Asian countries adopted opposite policy of semi isolation/protectionism and emotional policies to limit trade from countries they have disputes with. This has led to their current predicament. Only a revolution of mindset can set the region free. East Asia is generations ahead by contrast, even South East Asia is way ahead of you guys . 🤦🏾‍♂️. Only subsharanAfrica is left to overtake you guys with their trade and economic connectivity. Lol

India could and should go to waste, I have zero regard for that filthy state.

However, I see no reason why Pakistan cannot be added to this agreement, the Govt is trying it's best to open the country up to investment and has a ready supply of labour, hope Pakistani diplomats and officials get involved and try to involve the country with more regional economic trading blocs and groups to advance economic development and macroeconomic objectives.
 
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I don't even know why India was invited to this table to begin with because it seems to me it is an exclusive East Asia-Pacific club
Bcs CN badly nid India market for their products. There r hundred millions jobless Cnese now due to trade war making so many factories quit CN to avoid trade war.

If India agree to join, then CN can open more factories to create some more job
 
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India could and should go to waste, I have zero regard for that filthy state.

However, I see no reason why Pakistan cannot be added to this agreement, the Govt is trying it's best to open the country up to investment and has a ready supply of labour, hope Pakistani diplomats and officials get involved and try to involve the country with more regional economic trading blocs and groups to advance economic development and macroeconomic objectives.
Pak support CN over SCS( east VN sea) issue, of course no ASEAN countries, plus Aussie, SK,JP want u to join.All r against CN .

CN has big market, thats why we still accept to do some business wt her, but we willing to start the war against CN in SCS ( east VN sea) at any time. 2014 incident is a clear example.
You can ruin every thread every time. Awesome.
And u try to believe that hundred millions poor Cnese suffer Nothing in trade war ??

CN PM Li just admit there r 600 millions Cnese earning less than 140 USD per month, and more will become poor due to trade war,dude.
 
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How RCEP is going to be signed if China and Australia are at a trade war?
 
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Lets kick indians out of sco as well. They are just an american puppet to spy on china and russia.
 
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RCEP is all about free trade mainly for Asian nations minus standards set by the West or USA.
Those nations which are not comfortable with the pact need not fo be bothered about it.
 
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This week the 37th South East Asian Nations (ASEAN) Summit and Related Summits (including the RCEP summit) kicked off in what is likely to conclude talks on the Regional Comprehensive Economic Partnership (RCEP). Analysts see this agreement as the most significant regional move in recent memory, but it will be much bigger – the RCEP will no doubt be the world's largest trade agreement and signal a massive geopolitical shift.

As Reuters noted in its report on the start of these meetings, the 15 would-be RCEP participant countries, which includes the 10 ASEAN countries along with China, Japan, South Korea, Australia and New Zealand, account for nearly a third of the global population and approximately 29 percent of global gross domestic product (GDP).

There is a lot at stake here, and that's precisely why the agreement is moving forward now after negotiations have trudged along since 2012. China's GDP has surged in growth since the second quarter of this year largely because of trade with ASEAN countries, which has produced a win-win boost to both China and the ASEAN bloc. It's owed heavily to the fact that these countries, and China in particular, have successfully battled the coronavirus which further cements the ever-eastward shift of the global financial center.

The deal has an obvious similarity to the Washington-brokered Trans-Pacific Partnership (TPP), which was struck under the administration of former President Barack Obama and torpedoed just days after President Donald Trump took office. The TPP sought to give Washington the upper hand in writing the rules of international trade in order to boot others, like China, out of such a strong position.

Obama said at the time that "if we don't pass this agreement – if America doesn't write those rules – then countries like China will."

The U.S. balked at this opportunity and has undoubtedly lost the ability to lead the world's post-coronavirus economic recovery as it continues to report record daily cases. Global financial markets are craving stability – both in political systems and in economic prospects – which is something Washington can't seem to provide, as the recent presidential election is showing quite clearly to the international community.

With Trump refusing to accept the results of the election, making serious staff changes in the closing weeks of his presidency and refusing to aid in a smooth transition, Washington looks too preoccupied. The incoming administration may also not be able to get into the full swing of things, hampered by this rough transition and swamped with managing the coronavirus' resurgence.

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A fruit farmer carries persimmons at a persimmon concentration site in Qingzhou, east China's Shandong Province, November 11, 2020. /Getty

On the contrary, China has managed the coronavirus impeccably, has suffered no upset to its political stability and its economy is steaming ahead. At the same time, China will soon be embarking on its 14th Five-Year Plan that will focus heavily on increasing access to foreign investors, innovation and green growth. This will only make China a more important trade partner for neighboring countries and the world.

Other important blocs recognize China's unique capability in leading the global economic recovery. This is why the European Union (EU) and China recently signed a landmark deal on Geographical Indications and are working to conclude the most significant bilateral trade agreement between the two blocs ever, the EU-China Comprehensive Agreement on Investment (CAI).

European leaders are delighted that they might be able to get back to business as usual with a Biden administration and work toward cooperation on climate change, the digital economy and liberalizing trade once again. But on all of these issues, a significant amount of time is probably going to be lost on just undoing the damage done over the past four years under Trump and this will make the outcomes of new talks less ambitious.

As Czech Prime Minister Babis said in a speech on November 11 during a conference on transatlantic relations, a "very important topic for the whole of Europe and the EU is the urgent need to improve our trade relationship. We should say goodbye to any attempts and threats of trade wars, and we should work hard to liberalize our mutual trade relationship. Perhaps we do not have to be as ambitious and comprehensive as abandoned treaty TTIP (Transatlantic Trade and Investment Partnership), but mutual trade and investments between the U.S. and Europe should start to flourish again."

The prime minister spelled it out quite well and made reference to TTIP, another potentially game changing Obama-brokered trade agreement between the U.S. and EU that was scrapped by the Trump administration.

In this way, the RCEP could be the impetus for even more large-scale bilateral and multilateral trade agreements. The EU, already one of China's largest trading partners, will certainly be watching the ASEAN summit carefully and, if the RCEP is concluded as expected, should see even more of a reason to push ahead with the CAI in order to capitalize on the action going on in East Asia.

Because of this, the RCEP represents a major turning point in global trade and is set to be the most significant trade agreement in modern history.
 
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The phase I of the trade agreement between China and the United States is only valid for 2 years, 2020-2021.
The agreement will end in 2022. Coincidentally, the United States will hold midterm elections in 2022.
 
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China and 14 Asian nations to sign world's biggest free-trade deal
By
13th-Nov-2020

International Desk :

Fifteen Asia-Pacific nations including China aim to clinch the world's largest free-trade agreement this weekend, the culmination of Beijing's decade-long quest for greater economic integration with a region that encompasses nearly a third of the global gross domestic product.

The Regional Comprehensive Economic Partnership, which includes countries stretching from Japan to Australia and New Zealand, aims to reduce tariffs, strengthen supply chains with common rules of origin, and codify new e-commerce rules. Its passage may disadvantage some US companies and other multinationals outside the zone, particularly after President Donald Trump withdrew from talks on a separate Asia-Pacific trade deal formerly known as the Trans-Pacific Partnership.

Following the withdrawal of India from RCEP negotiations last year, the remaining 15 nations sought to announce the agreement by the end of this week's Asean Summit, which Vietnam is hosting virtually, reports Bloomberg.

Malaysia's Trade Minister Azmin Ali told reporters the deal would be signed on Sunday, calling it the culmination of "eight years of negotiating with blood, sweat and tears."

"China has pulled off a diplomatic coup in dragging RCEP over the line," said Shaun Roache, Asia-Pacific chief economist at S&P Global Ratings. "While RCEP is shallow, at least compared to TPP, it is broad, covering many economies and goods, and this is a rarity in these more protectionist times."

World's Biggest Trade Deal
The impact may extend beyond the region. The deal's advance illustrates how Trump's move to withdraw from the TPP -- now known as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership -- has diminished America's ability to counterbalance China's economic clout with its neighbors. That challenge may soon shift to President-elect Joe Biden if, as expected, he's officially certified the winner of the Nov. 3 election.

The question of whether RCEP changes the regional dynamic in favor of China depends on the US response, said William Reinsch, a trade official in the Clinton administration and senior adviser at the Center for Strategic and International Studies in Washington.

"If the US continues to ignore or bully the countries there, the influence pendulum will swing toward China," Reinsch said. "If Biden has a credible plan to restore the US presence and influence in the region, then the pendulum could swing back our way."

Even though RCEP isn't as far-reaching as the TPP, its implementation could make it harder for US businesses to compete with a Chinese-backed partnership that encompasses 2.2 billion people with a combined GDP of about $26 trillion.
Biden and TPP

Still, many countries participating in the trade deal are also wary of becoming too economically dependent on China. Japan is among countries that have looked to reassess supply chains in China, and Beijing's move to effectively ban key Australian exports after its government called for an investigation into the origin of the coronavirus underscored the risk of relying too much on the world's second-biggest economy.

While it remains politically tricky for Biden to join the successor to the TPP, some analysts still see that as the best vehicle for the US to deepen economic ties with the region.

"The choice for Biden is clear," said Mary Lovely, a Syracuse University economics professor. "Return the US to the Trans-Pacific Partnership to ensure access for US companies."

Several sticking points remained among RCEP nations even days before the signing. Vietnam's Deputy Foreign Minister Nguyen Quoc Dzung said during a briefing on Monday that the signing will depend on whether "internal procedures" of the participating nations are completed.

"There are still issues on RCEP," said Deborah Elms, founder and executive director of the Singapore-based Asian Trade Centre, whose firm consults with businesses trading across Asia and who is in frequent contact with officials across Asean, said last week. "The sticking points remain the same: an inability of some member pairs to finish the last details of the tariff schedules. These are negotiated bilaterally, especially for sensitive products."

India Exit
Southeast Asia, which was forced to tackle the virus as it spread from China early this year, has seen an uneven recovery. The 10 countries vary greatly in their starting economic position, number and severity of successive outbreaks, ability and willingness to offer fiscal and monetary stimulus, lockdown timing and stringency, and concentration of hard-hit industries.

Thailand's GDP is among those set to be worse off in 2020, contracting by about 7.2% this year, while Vietnam is set to be a rare economy in the world to eke out growth.

India surprised participants late last year when it abandoned the China-backed trade agreement. At the time, Prime Minister Narendra Modi said he was guided by the impact it would have on the lives and livelihoods of all Indians, especially vulnerable sections of society. Despite its withdrawal, officials have said India could rejoin talks if it chooses to do so at a later date.

India's exit from the deal ended up removing one of the biggest impediments to the pact. In June, ministers of the RCEP countries reaffirmed their determination to sign the agreement as global trade, investment and supply chains face unprecedented challenges due to the Covid-19 pandemic.

"All big negotiations and even smaller ones come down to a crazy rush at the absolute last minute," Elms said. "Officials always hold out on their best and final offers until there is literally no time left for any other compromises."

 
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Dear mods,
@BHarwana ,@Horus ,@LeGenD
how long are you going to allow this nonsense to spam the forum? is it really worth it by upholding the right of freedom of speech of an imbecile at the cost of degrading the forum to a circus?

pls check all the post of this member, @Viva_Viet . Almost all his posts are repeating the same nonsense that does not have any reasonable connections to topic. it is either baseless or illogical, or both.

his recent two postings:
1. https://defence.pk/pdf/threads/chin...eady-to-sign-rcep.691050/page-3#post-12800695
Pak support CN over SCS( east VN sea) issue, of course no ASEAN countries, plus Aussie, SK,JP want u to join.All r against CN .

CN has big market, thats why we still accept to do some business wt her, but we willing to start the war against CN in SCS ( east VN sea) at any time. 2014 incident is a clear example.

And u try to believe that hundred millions poor Cnese suffer Nothing in trade war ??

CN PM Li just admit there r 600 millions Cnese earning less than 140 USD per month, and more will become poor due to trade war,dude.
Pakistan's stance on SCS has little to do with the RCEP membership.

2. https://defence.pk/pdf/threads/chin...eady-to-sign-rcep.691050/page-3#post-12800681
Bcs CN badly nid India market for their products. There r hundred millions jobless Cnese now due to trade war making so many factories quit CN to avoid trade war.

If India agree to join, then CN can open more factories to create some more job
"hundred millions jobless Cnese" has been repeated in his posts more 100 times. It is baseless nonsense.
 
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Dear mods,
@BHarwana ,@Horus ,@LeGenD
how long are you going to allow this nonsense to spam the forum? is it really worth it by upholding the right of freedom of speech of an imbecile at the cost of degrading the forum to a circus?

pls check all the post of this member, @Viva_Viet . Almost all his posts are repeating the same nonsense that does not have any reasonable connections to topic. it is either baseless or illogical, or both.

his recent two postings:
1. https://defence.pk/pdf/threads/chin...eady-to-sign-rcep.691050/page-3#post-12800695

Pakistan's stance on SCS has little to do with the RCEP membership.

2. https://defence.pk/pdf/threads/chin...eady-to-sign-rcep.691050/page-3#post-12800681

"hundred millions jobless Cnese" has been repeated in his posts more 100 times. It is baseless nonsense.
I am tired of @Viva_Viet long time ago. He can ruin any thread.
 
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