India missed every boat for development. That is quite a feat to accomplish. When opportunities are given to India it just simply let it go to waste or ignore it. The Western and Indian media keeps giving Indians false hopes of becoming the 2nd biggest economy surpassing those of Japan and America within decades will eventually disappoint the Indians who keep believing in achieving double digit growth like that of China.
[CONGRATS] CHINA & OTHER COUNTRIES OFFICIALLY SIGN RCEP TODAY !! THE LARGEST ECONOMIC TRADING BLOC IN HUMAN HISTORY
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Daniel808
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China Scores Victory as 15 Asia-Pacific Nations Sign RCEP, The World’s Biggest Free-Trade Deal
Representatives from 15 countries signed up for the Regional Comprehensive Economic Partnership on Sunday.
China scored a “victory” on Sunday as 15 Asia-Pacific nations signed the world’s biggest free-trade pact, sealing an agreement that excludes the United States and extends Beijing’s economic sway in the region.
The realisation of the Regional Comprehensive Economic Partnership (RCEP) comes after eight years of negotiations.
It also comes amid questions over Washington’s engagement in the region, with the US absent from two of the most important trade groups that span the world’s fastest growing region – the RCEP and the
Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), a rival trade bloc of 11 countries that went into effect in 2018.
Soon after taking office in early 2017, US President Donald Trump withdrew the United States from the
Trans-Pacific Partnership (TPP), the predecessor to the CPTPP.
On Sunday, leaders from China, Japan, South Korea, Australia, New Zealand and the 10 members of the Association of Southeast Asian Nations (Asean) witnessed the signing of the pact by their trade ministers by video conference.
The RCEP encompasses close to one-third of the world’s population and global economy, and is projected to add US$186 billion to the world economy through improved regional trade, according to New Zealand Minister for Trade and Export Growth Damien O’Connor.
The pact aims to liberalise trade and investment across the Asia-Pacific region by progressively lowering tariffs and cutting red tape, as well as laying out new rules on government procurement, competition policy and e-commerce.
Chinese Premier Li Keqiang said the signing of the RCEP was “a victory of multilateralism and free trade”.
“The signing of the RCEP is not only a landmark achievement of East Asian regional cooperation, but also a victory of multilateralism and free trade ... and provides new impetus to the recovery of world economic growth,” Li said.
The pact would take effect within the next two years after all countries ratified the agreement domestically, Indonesia Trade Minister Agus Suparmanto said last week.
Without providing details, China’s Ministry of Finance said on Sunday that the new pact included promises to eliminate tariffs within the group, including some immediately and others gradually over a decade.
The ministry also said China and Japan achieved a “historic breakthrough” by reaching a bilateral tariff reduction arrangement on top of their multilateral trade pact – again without elaborating.
The deal marks the first time the rival East Asian powers of China, Japan and South Korea have agreed to enter into a joint free-trade pact.
Participants in the agreement include a mix of developed, developing and poor economies, with special clauses for transitional arrangements, including technology transfers for the least developed nations such as Laos, Myanmar and Cambodia.
The RCEP members also reaffirmed that they continued to “highly value India’s role in the RCEP” and remained open to India’s accession down the road. New Delhi withdrew from negotiations late last year amid concerns over the country’s trade deficit with China.
Unlike the CPTPP, the RCEP does not cover labour and environmental standards. Regional trade analysts and officials have said that despite having limited provisions on services and investment, and lower standards than the CPTPP, the China-backed trade grouping would give much needed impetus to the pandemic-hit world economy. That would further pull the economic centre of gravity towards Asia, with China poised to take the lead in writing trade rules for the region.
“The RCEP may prove to be the tonic Asia needs to recover from the pandemic-induced slump,” said Stuart Tait, Asia-Pacific regional head of commercial banking at HSBC.
“Intra-Asian trade, which is already larger than Asia’s trade with North America and Europe combined, will continue to power global economic growth and pull the economic centre of gravity towards Asia.”
Asean overtook the European Union as China’s biggest trading partner in the first quarter of this year. The protracted trade war with the US and Washington’s economic decoupling threats have also pushed China to diversify its trade options and reduce reliance on the US market.
“Our priority has to be put on trade ties with Asia,” He Weiwen, a former Chinese trade official and now senior researcher at the Centre for China and Globalisation, said at a forum in Beijing on Thursday.
“In the last three years of the trade war with the US, we have witnessed a significant increase in trade with Asean, a moderate increase of trade with Europe, and a decline in trade with the United States. Trade with Asia and Europe now accounts for 70 per cent of our overall trade. This will give us bargaining power when dealing with the United States.”
Wendy Cutler, who was acting deputy US trade representative under US president Barack Obama and helped negotiate the TPP, called the signing of the RCEP “another wake-up call for the United States on trade”.
“Beijing will likely claim victory upon the signing,” said Cutler, vice-president of the Asia Society Policy Institute.
“It has been a promoter of the RCEP since day one. Then, as the US retreated from the regional stage and pursued a trade policy based on unilateralism, Chinese leaders used that vacuum to portray Beijing as the reliable partner of choice for economic growth, trade, and investment.”
US president-elect Joe Biden has been non-committal on whether the US will try to join the CPTPP, the successor of the original TPP agreement that he and Obama promoted while in office previously.
In the wake of the coronavirus pandemic, the Trump administration has floated the idea of restructuring global supply chains with countries like India, Australia, Japan, New Zealand, South Korea and Vietnam, but stopped short of rallying them under a formal trade framework that could be an effective counterweight to China’s growing influence.
Tu Xinquan, president of the China Institute for WTO Studies at the University of International Business and Economics, said the US’ unilateral trade policy under Trump, combined with the pandemic, had brought Asia-Pacific economies closer.
“The conclusion of the RCEP has reflected the need for Asia-Pacific economies to unite after the US’ trade wars and unilateral trade policies. Ensuring stability in regional supply chains has also become much more important as the pandemic has brought destruction to the global supply chains,” Tu said.
"But it remains uncertain how much marginal CPTPP benefit can be created by setting those standards and it may take years for the impact to show, while the growth brought by the trade liberalisation policies in the RCEP will emerge much faster.”
https://www.scmp.com/news/china/dip...-victory-15-asian-nations-sign-worlds-biggest
Representatives from 15 countries signed up for the Regional Comprehensive Economic Partnership on Sunday.
China scored a “victory” on Sunday as 15 Asia-Pacific nations signed the world’s biggest free-trade pact, sealing an agreement that excludes the United States and extends Beijing’s economic sway in the region.
The realisation of the Regional Comprehensive Economic Partnership (RCEP) comes after eight years of negotiations.
It also comes amid questions over Washington’s engagement in the region, with the US absent from two of the most important trade groups that span the world’s fastest growing region – the RCEP and the
Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), a rival trade bloc of 11 countries that went into effect in 2018.
Soon after taking office in early 2017, US President Donald Trump withdrew the United States from the
Trans-Pacific Partnership (TPP), the predecessor to the CPTPP.
On Sunday, leaders from China, Japan, South Korea, Australia, New Zealand and the 10 members of the Association of Southeast Asian Nations (Asean) witnessed the signing of the pact by their trade ministers by video conference.
The RCEP encompasses close to one-third of the world’s population and global economy, and is projected to add US$186 billion to the world economy through improved regional trade, according to New Zealand Minister for Trade and Export Growth Damien O’Connor.
The pact aims to liberalise trade and investment across the Asia-Pacific region by progressively lowering tariffs and cutting red tape, as well as laying out new rules on government procurement, competition policy and e-commerce.
Chinese Premier Li Keqiang said the signing of the RCEP was “a victory of multilateralism and free trade”.
“The signing of the RCEP is not only a landmark achievement of East Asian regional cooperation, but also a victory of multilateralism and free trade ... and provides new impetus to the recovery of world economic growth,” Li said.
The pact would take effect within the next two years after all countries ratified the agreement domestically, Indonesia Trade Minister Agus Suparmanto said last week.
Without providing details, China’s Ministry of Finance said on Sunday that the new pact included promises to eliminate tariffs within the group, including some immediately and others gradually over a decade.
The ministry also said China and Japan achieved a “historic breakthrough” by reaching a bilateral tariff reduction arrangement on top of their multilateral trade pact – again without elaborating.
The deal marks the first time the rival East Asian powers of China, Japan and South Korea have agreed to enter into a joint free-trade pact.
Participants in the agreement include a mix of developed, developing and poor economies, with special clauses for transitional arrangements, including technology transfers for the least developed nations such as Laos, Myanmar and Cambodia.
The RCEP members also reaffirmed that they continued to “highly value India’s role in the RCEP” and remained open to India’s accession down the road. New Delhi withdrew from negotiations late last year amid concerns over the country’s trade deficit with China.
Unlike the CPTPP, the RCEP does not cover labour and environmental standards. Regional trade analysts and officials have said that despite having limited provisions on services and investment, and lower standards than the CPTPP, the China-backed trade grouping would give much needed impetus to the pandemic-hit world economy. That would further pull the economic centre of gravity towards Asia, with China poised to take the lead in writing trade rules for the region.
“The RCEP may prove to be the tonic Asia needs to recover from the pandemic-induced slump,” said Stuart Tait, Asia-Pacific regional head of commercial banking at HSBC.
“Intra-Asian trade, which is already larger than Asia’s trade with North America and Europe combined, will continue to power global economic growth and pull the economic centre of gravity towards Asia.”
Asean overtook the European Union as China’s biggest trading partner in the first quarter of this year. The protracted trade war with the US and Washington’s economic decoupling threats have also pushed China to diversify its trade options and reduce reliance on the US market.
“Our priority has to be put on trade ties with Asia,” He Weiwen, a former Chinese trade official and now senior researcher at the Centre for China and Globalisation, said at a forum in Beijing on Thursday.
“In the last three years of the trade war with the US, we have witnessed a significant increase in trade with Asean, a moderate increase of trade with Europe, and a decline in trade with the United States. Trade with Asia and Europe now accounts for 70 per cent of our overall trade. This will give us bargaining power when dealing with the United States.”
Wendy Cutler, who was acting deputy US trade representative under US president Barack Obama and helped negotiate the TPP, called the signing of the RCEP “another wake-up call for the United States on trade”.
“Beijing will likely claim victory upon the signing,” said Cutler, vice-president of the Asia Society Policy Institute.
“It has been a promoter of the RCEP since day one. Then, as the US retreated from the regional stage and pursued a trade policy based on unilateralism, Chinese leaders used that vacuum to portray Beijing as the reliable partner of choice for economic growth, trade, and investment.”
US president-elect Joe Biden has been non-committal on whether the US will try to join the CPTPP, the successor of the original TPP agreement that he and Obama promoted while in office previously.
In the wake of the coronavirus pandemic, the Trump administration has floated the idea of restructuring global supply chains with countries like India, Australia, Japan, New Zealand, South Korea and Vietnam, but stopped short of rallying them under a formal trade framework that could be an effective counterweight to China’s growing influence.
Tu Xinquan, president of the China Institute for WTO Studies at the University of International Business and Economics, said the US’ unilateral trade policy under Trump, combined with the pandemic, had brought Asia-Pacific economies closer.
“The conclusion of the RCEP has reflected the need for Asia-Pacific economies to unite after the US’ trade wars and unilateral trade policies. Ensuring stability in regional supply chains has also become much more important as the pandemic has brought destruction to the global supply chains,” Tu said.
"But it remains uncertain how much marginal CPTPP benefit can be created by setting those standards and it may take years for the impact to show, while the growth brought by the trade liberalisation policies in the RCEP will emerge much faster.”
https://www.scmp.com/news/china/dip...-victory-15-asian-nations-sign-worlds-biggest
Viet
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I don’t say we profit nothing.But your government disagree with your opinion.
They looks very happy to have market access to one third of World Population
View attachment 688341
View attachment 688342
View attachment 688344
https://e.vnexpress.net/news/busine...-world-s-largest-trade-pact-rcep-4192071.html
Opsss, my fault..you are south vietnamese which is the enemy of Vietnam today (North Vietnam).
So you will have opinion against the interest of North Vietnam
China-Led Mega Trade Bloc RCEP Takes Off
View attachment 688350
The Regional Comprehensive Economic Partnership (RCEP), a mega trade bloc comprising 15 countries led by China that came into existence on Sunday, said India would have to write expressing “intention” to join the organisation to restart negotiation for membership.
Also read: Asia forms world's biggest trade bloc, a China-backed group excluding U.S.
“The RCEP, which consists of the 10 ASEAN members and Australia, China, Japan, South Korea and New Zealand. The China-backed group is expected to represent at least 30% of the global GDP and will emerge as the largest free trade agreement in the world.
Modi’s silence
The mega trade bloc is a landmark trade initiative which is expected to boost commerce among the member-countries spread across the Asia-Pacific region. Prime Minister Narendra Modi addressed the ASEAN Summit on November 12 and highlighted the necessity for peace and stability in the region but maintained silence regarding RCEP, indicating India’s difficulty in welcoming the China-backed grouping. India’s ties with China in recent months have been disturbed by the military tension in eastern Ladakh along the LAC. In the meantime, India has also held maritime exercise with Japan, Australia, United States for the “Quad” that was interpreted as an anti-China move. However, these moves did not influence Japanese and Australian plans regarding RCEP. Experts are interpreting the beginning of RCEP as a major development that will help China and trade in Asia-Pacific region in the post-COVID-19 scenario.
Also read: India and ASEAN to expand trade despite RCEP walkout
‘Leverage for China’
“The agreement means a lot for China, as it will give it access to Japanese and South Korean markets in a big way, as the three countries have not yet agreed on their FTA,” said Amitendu Palit, Senior Research Fellow and Research Lead (Trade and Economics), at the Institute of South Asian Studies, National University of Singapore. “The fact this happened, despite the pandemic, is certainly leverage for China, and shows the idea of decoupling from China is not a substantive issue in a regional sense.”
India had ended negotiation on RCEP last November over terms that were perceived to be against its interests. In May, The Hindu had reported that according to senior official sources, concerns regarding China in the post-coronavirus world scenario had prevented Delhi from restarting negotiation for membership of RCEP. India did not return to the negotiation despite request from the RCEP members who have discussed the trade pact for nearly eight years.
https://www.thehindu.com/news/natio...tten-request-to-join-pact/article33102130.ece
From our indian friend
I said we will make only modest gains from this pact.
It is China that will make the most gains, estimated $50 billion from this. That says a recent study.
Viva_Viet
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VN join just to make sure CN cant control the whole RCEP market, so she can use the economic influence to gain support in SCS ( east VN sea).
Btw, VN Samsung phones still on top selling in Rcep nations.
TaiShang
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First, thanks are due to Vietnam for its effective ASEAN leadership, which now will be transferred to Brunei.
Second, India emerged as a bad faith actor from this, and they somehow managed to frustrate Japan. This a feat after they alienated Russia on the security front.
Third, Taiwan, will face fierce economic competition from Japan and Korean counterparts. We enjoyed growing trade with Mainland till now thanks to ECFA, which got some cold winds after China-SK signed FTA. Tsai governmentsaid, no worries, we are heading to SEA, but, so far, Taiwan's trade dependence on the Mainland has grown bigger, let alone stabilized. Now there is Japan which will enjoy lower tariffs, in addition to SK.
Taiwan needs to negotiate improved ECFA with Mainland, and expand it to include services, which would give it advantages over RCEP members. Mainland will always be lenient toward us.
Fourth, it is also an opportune time to signt he deal because the US is probably going through one of its most difficult times.
Let's call it Asian practicality and opportunism. The US, except some religious sermons delivered by Pompeo, will not be able to make much fuss on this. They are divided, weakened, and sickened at home. And things won't get better at least for several months. Trump will make sure that Biden, who is forming a war cabinet now, will get the worst possible kick--start as a new president. Plus, I do not want to imagine the next two-three months in the US as far as COVID and political streetfighting is concerned.
So, what is bad for the US has provided opportune space in East Asia. I think SEA has never forgotten the US betrayal during the Financial Crisis in 96-97.
Second, India emerged as a bad faith actor from this, and they somehow managed to frustrate Japan. This a feat after they alienated Russia on the security front.
Third, Taiwan, will face fierce economic competition from Japan and Korean counterparts. We enjoyed growing trade with Mainland till now thanks to ECFA, which got some cold winds after China-SK signed FTA. Tsai governmentsaid, no worries, we are heading to SEA, but, so far, Taiwan's trade dependence on the Mainland has grown bigger, let alone stabilized. Now there is Japan which will enjoy lower tariffs, in addition to SK.
Taiwan needs to negotiate improved ECFA with Mainland, and expand it to include services, which would give it advantages over RCEP members. Mainland will always be lenient toward us.
Fourth, it is also an opportune time to signt he deal because the US is probably going through one of its most difficult times.
Let's call it Asian practicality and opportunism. The US, except some religious sermons delivered by Pompeo, will not be able to make much fuss on this. They are divided, weakened, and sickened at home. And things won't get better at least for several months. Trump will make sure that Biden, who is forming a war cabinet now, will get the worst possible kick--start as a new president. Plus, I do not want to imagine the next two-three months in the US as far as COVID and political streetfighting is concerned.
So, what is bad for the US has provided opportune space in East Asia. I think SEA has never forgotten the US betrayal during the Financial Crisis in 96-97.
NAVDEEP DHALIWAL
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I think people are not realizing 1 thing.
Which country will say no to Sign a similar agreement with India ?
I would say none.
So india didn't lost any thing. Why didn't It signed ? Let the agreement give results, India can join anytime it wants if it results in major benefit 4 small countries.
We a re already struggling against Chinese imports , no need to sign anything in a hurry to later repent.
Which country will say no to Sign a similar agreement with India ?
I would say none.
So india didn't lost any thing. Why didn't It signed ? Let the agreement give results, India can join anytime it wants if it results in major benefit 4 small countries.
We a re already struggling against Chinese imports , no need to sign anything in a hurry to later repent.
shi12jun
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Losers make excuses
Beidou2020
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NAVDEEP DHALIWAL
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This guy sums up Indian mentality perfectly
I don't know whats so funny . But at least we know our weak points. Its difficult to compete against automation and bulk production. We can always sign individual agreement to further the trade.
Wait and watch is better policy instead of jumping right into the well without any safeguard.
When we are welcomed anytime we want what's the hurry ?
comci
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I understand your point of view but the problem is that people or nation are lazy if they are not put under pressure to achieve their max achievement. They all will have the attitude of relax or take it easy which will lead to nowhere. There is no incentive to do your best. Read the history with regard to Capitalism versus Communism system why Capitalism wins against pure Communist system.
As long as for instance India keeps holds off or retreat from economic treaties based on the excuses of the low quality of the production which translated: ''India cant compete with others based on quality or quantity so we dont want to join'', India will stuck in backwardness forever like the frog in the well. By the time you think the time is ripe to join, you will be light years left behind by others. It is do or die.
In the past, China was reluctant to open its economy. At first, the Chinese used to compare the Western companies that were entering China to invading wolves. But in the end, China took the risk. There is no longer much need to discuss the outcome of that risk-taking decision to open up
its economy in 2001.
By opting out of RCEP, India missed another bus
The 10 members of the Association of Southeast Asian Nations, Australia, China, Japan, New Zealand and South Korea on Sunday in Hanoi inked a historic deal to create the world’s largest free-…
asiatimes.com
Viva_Viet
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CN uses tricks ( violating Intellectual property, stealing, copying other products) to make your products cheaper, thats why your Huawei boss was arrested and CN products got 25% tariff, making hundred millions Cnese jobless.I understand your point of view but the problem is that people or nation are lazy if they are not put under pressure to achieve their max achievement. They all will have the attitude of relax or take it easy which will lead to nowhere. There is no incentive to do your best. Read the history with regard to Capitalism versus Communism system why Capitalism wins against pure Communist system.
As long as for instance India keeps holds off or retreat from economic treaties based on the excuses of the low quality of the production which translated: ''India cant compete with others based on quality or quantity so we dont want to join'', India will stuck in backwardness forever like the frog in the well. By the time you think the time is ripe to join, you will be light years left behind by others. It is do or die.
In the past, China was reluctant to open its economy. At first, the Chinese used to compare the Western companies that were entering China to invading wolves. But in the end, China took the risk. There is no longer much need to discuss the outcome of that risk-taking decision to open up
its economy in 2001.
By opting out of RCEP, India missed another bus
The 10 members of the Association of Southeast Asian Nations, Australia, China, Japan, New Zealand and South Korea on Sunday in Hanoi inked a historic deal to create the world’s largest free-…
India cant do the same like CN cos CN is falling and paying high price for cheating, stealing around the world.
Why did ASEAN eager having China in the trade pact based on that photo? It is a missed opportunity for India, but if India wants to observe from a safe distance for now. The Chinese here sure ain't complaining
