RCEP: ASEAN-driven free trade agreement

[Indos]

I will try use this thread to post some information related to the trade deal that is about to sign.

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The Regional Comprehensive Economic Partnership (RCEP) is a major component of efforts to more closely integrate the economies of the Asia Pacific. RCEP is a proposed free trade agreement made up of the 10 ASEAN countries, which was first introduced at the 19th ASEAN Summit in November 2011. It covers a combined total GDP of 21.3 trillion US dollars, or 40 percent of world trade.

 

[striver44]

I will try use this thread to post some information related to the trade deal that is about to sign.

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The Regional Comprehensive Economic Partnership (RCEP) is a major component of efforts to more closely integrate the economies of the Asia Pacific. RCEP is a proposed free trade agreement made up of the 10 ASEAN countries, which was first introduced at the 19th ASEAN Summit in November 2011. It covers a combined total GPD of 21.3 trillion US dollars, or 40 percent of world trade.

It was introduced when Indonesia is the chairman of ASEAN.

 

[Indos]

It was introduced when Indonesia is the chairman of ASEAN.

The deal will need another 2 years at least to be ratified by each parliament of the signatory countries. Indeed the region will likely to become more competitive. We are lucky that under this administration we can pass Omnibus Law. Many regulations are stream lined and many benefits are taken by micro, small, and medium size companies.

There is obligation as well for government under a new law to spend more on products and services made by micro, small, and medium size companies. I hope it can also be extended into state owned enterprises, obligating them to spend more on MSM companies products and services. This can possibly create many competitive enterprises that can possibly become a good exporters of services and goods in the future.

I can say, there should be no more populist policy being implemented in our republic, like happening during SBY administration. If our economy is not competitive enough, we will only become market for other countries goods and services. Any way, recent good news from regulation side should make us all feel more optimistic ahead.

 

[Viva_Viet]

. If our economy is not competitive enough, we will only become market for other countries goods and services. Any way, recent good news from regulation side should make us all feel more optimistic ahead.

Thats true, dont be so excited abt RCEP. VN join RCEP just to make sure that CN cant solely control the whole RCEP market.

If RCEP ppl dont wanna buy Xiaomi, then they can buy Samsung, VinSmart phone at same price.

 

[Whizzack]

In brief points, what are the main differences between RCEP and (the now deceased) TPP...? Other than the usual "RCEP includes China and excludes US, TPP includes US and excludes China" of course..
If I remember correctly, we were not so enthusiastic in joining TPP back then, and sort of formulated the RCEP instead...

 

[Song Hong]

Less developed members will surely get plenty of goodies from China especially in form of infrastructure development, often maligned by west as debt trap.

US can only give "democracy and human rights" dished out by CIA and NED.

Pick one.

 

[Viva_Viet]

In brief points, what are the main differences between RCEP and (the now deceased) TPP...? Other than the usual "RCEP includes China and excludes US, TPP includes US and excludes China" of course..
If I remember correctly, we were not so enthusiastic in joining TPP back then, and sort of formulated the RCEP instead...

In TPP , a Multinational corps can sue any Governments of TPP members while no one sue ur Govt in RCEP.

TPP is for containing CN while RCEP help CN brake containment from US.

 

[Indos]

In brief points, what are the main differences between RCEP and (the now deceased) TPP...? Other than the usual "RCEP includes China and excludes US, TPP includes US and excludes China" of course..
If I remember correctly, we were not so enthusiastic in joining TPP back then, and sort of formulated the RCEP instead...

I also dont know why Indonesia is not interested with TPP, I want to study more about the reasons behind that. I can say FTA with Western nations are more beneficial for us, but the main reason that I can think of is that TPP will be US lead and RCEP will be ASEAN lead, so more advantage in the negotiation table I believe since Indonesia is a major country in ASEAN.

We can use ASEAN to leverage against China, Japan, South Korea, Australia, and New Zealand while those five countries act alone during negotiation that spend about 8 years to complete. As ASEAN lead initiative, the agenda and timing can also be decided by ASEAN as a group.

Any way it is a good decision not to join TPP since it has been scrapped by Trump and I believe has already become a death initiative now.

Indonesia is a RCEP coordinator for ASEAN by the way

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The Regional Comprehensive Economic Partnership
Published on 27 May 2019 |

The Regional Comprehensive Economic Partnership (RCEP), is a proposed free trade agreement (FTA) between ASEAN countries and six Asia-Pacific countries. Indonesia is the ASEAN coordinator for RCEP and has led recent negotiations for RCEP. It is hoped to complete the deal this year. RECP is expected to contain a detailed IP chapter, incorporating a TRIPS+ model, that is IP provisions designed to go beyond TRIPS.

However concern has been expressed whether Indonesia is adequately prepared to do this. As it is there are current concerns about how robust Indonesia’s implementation of TRIPS is. The USTR Special 301 report and Europe’ IP report on Third Countries both cite concerns about weak existing IP protection. Some of the areas where compatibility with RECP is not yet close include:

• Non traditional trademarks,
• E-filing
• Patentability of new forms and uses of known substances
• Copyright term

The upshot of the differences between Indonesia’s current IP laws and RCEP is that all of Indonesian’s IP laws will need to be amended again. The process for amending the laws started in 2012 and has not yet finished (the Industrial Designs law amendments are not yet passed). It is generally a very long process to pass laws in Indonesia.

Hopefully RCEP will provide an impetus to improve the IP enforcement more and more quickly.

The Regional Comprehensive Economic Partnership

rouse.com

@mike2000 is back more on you to understand ASEAN geopolitics

 

[xuxu1457]

It is very interesting that all countries like India to join, even China likes India to join very much.

 

[Indos]

RCEP proves commitments of peace and stability in the region: Jokowi

2 hours ago

Indonesian Presiden Joko Widodo (left) witnesses the signing of RCEP during the 4th RCEP Summit held virtually, from the Presidential Palace in Bogor, West Java, Sunday (Nov. 15, 2020). (ANTARA/HO-Muchlis Jr - Biro Pers Sekretariat Presiden)


The signing marks our powerful commitment on multilateralism,

Jakarta (ANTARA) - Indonesian President Joko Widodo (Jokowi) said that the signing of Regional Comprehensive Economic Partnership (RCEP) on Sunday has demonstrated the commitments of peace and stability as well as prosperity within the region.

During the 4th RCEP Summit held virtually, President Jokowi stated that the signing was a historical moment as its process took nearly a decade after being initiated in 2011, and the first round of negotiation was conducted in 2013.

"The signing marks our powerful commitment on multilateralism," Jokowi remarked.

This regional pact that becomes the world's biggest trade agreement covering a market of around 2.2 billion people or 30 percent of the world's population has officially been signed by 10 ASEAN member countries along with their five partners -- China, South Korea, Japan, Australia, and New Zealand.

Jokowi emphasized that all the member states feel the same way about the uneasy process to achieve RCEP. But, again, a strong commitment has made it all possible, he added.

The pact would also intensify the principle of an open, fair and benefited all-sides multilateral commerce. Furthermore, this provides hope and optimistic view on economic recovery for post-pandemic era throughout the region.

"It is indeed an honour for Indonesia to be a country coordinator for the long process (of RCEP dialogue). Therefore, I would like to extend my gratitude and appreciation for every support and constructive contribution from all countries during the negotiation," Jokowi said.

However, President Jokowi emphasized that this Sunday's signing was only a beginning as every single states involved should put their efforts to manage it, and Indonesia is open for other countries to later join this pact.

"This also needs out political will on the highest level. And Indonesia--we welcome other countries in the region that are willing to join RCEP," he said.

Related news: Vietnam urges New Zealand to open door wider for ASEAN goods
Related news: President welcomes New Zealand's decision to sign RCEP


Reporter: Indra Arief Pribadi, Suwanti
Editor: Rahmad Nasution
COPYRIGHT © ANTARA 2020

RCEP proves commitments of peace and stability in the region: Jokowi

Indonesian President Joko Widodo (Jokowi) said that the signing of Regional Comprehensive Economic Partnership (RCEP) on Sunday has demonstrated the ...

en.antaranews.com

 

[Nike]

TPP is Obama brainchild to contain China economy prowess largely, but when he is alienated the second largest economy in the Pacific in which had many Investment and being the largest trade partner around the corner not even their allies in the region can support such moves wholeheartedly let alone other neutral countries like Indonesia and Singapore.

Fortunately Trump takes the helmet and prefer to engage China more "directly" without using any guise and drag other country in the region in the name of "fair and open trade and economy" thus spare the region of more bigger scale of trade war against China.

 

[TheTruth]

Kick Australia out after it's done being signed.