If both the US and China join the CPTPP, and it becomes the world’s largest free trade agreement, then the RCEP would recede in significance. CPTPP, comprising both the US and China, sensing more economic benefits in committing to the RCEP.
Trump said the goal of the Western Sahara consulate would be “to promote economic and trade opportunities in the region.”
Not only has India failed to agree on its own trade and investment deal with the EU, the country has failed to capture any significant share of China-based global supply chains.
China’s first FTA with an African country provides a stepping stone into the continent through the geopolitical hotspot Indo-Pacific region.
Though EU officials haven’t yet revealed the details, one senior EU diplomat said the agreement goes beyond anything Beijing has offered any foreign partner previously.
China’s renewed pursuit of a free trade agreement with South Korea and Japan appears aimed at undercutting US influence and shaping regional economic cooperation on terms favorable to it.
The UK recently signaled an intention to reset its diplomatic relations, including with China. The UK seems inclined to take a more aggressive path towards China at a cost of obstructing a free trade agreement talks.
The challenge is not that the world’s biggest trade deal is China-led or heralds a Sinocentric order – both of which are misrepresentations anyway – but that the Asia-Pacific region has shown no need of US leadership or even involvement.
India’s decoupling from China led to a number of harsh steps to undermine the trade and investment relations with China, despite the fact that Chinese investment set the turf for mobile phone manufacturing in the country.
Trade agreements can be as powerful as military force for achieving a country’s strategic objectives.
India is seeing public opinion drastically shift in favor of Taiwan amid growing anti-Beijing sentiments. But will New Delhi risk its Asian rival’s wrath for stronger ties with Taipei?
The loss of India from the RCEP pact is a bitter blow to Thailand which had been looking forward to becoming a partner with India’s technology sector which is also very close to that of the United States.
Narendra Modi government is also proactively stepping up its efforts to rejig India’s trade relations with the rest of the world by overhauling its Free Trade Agreement or FTA strategy.
The Chinese government has been strengthening legal protection of intellectual property for many years – for China’s own benefit, not to keep the Americans or anyone else happy. So how much has been accomplished, how much remains to be done, and why?
As of last week, there are at least 8 distinctive cooperative frameworks relating to the Indo-Pacific region, which reflects the region’s growing economic and strategic importance within the rapidly-changing international stage.
The US indicates that the deal with Kenya should, with respect to commercial partnerships, discourage actions that prejudice or discourage business between the US and Israel.
Australia’s escalating tensions with Beijing have shown up its reliance on China trade and propelled a push to increase links with Asia’s other giant economy, India.
Now most countries, particularly those in Southeast Asia, are not only facing the economic and social repercussions of a protracted outbreak but also witnessing emerging trends that will permanently change the way we live and do business.
The big reshoring question is still about how much foreign investment will shift from China due to a combination of rising production costs and more fractious diplomatic relationships.
Berlin wants to diversify its relations, position itself more broadly, conclude further free trade agreements – also in order to no longer be so dependent on Beijing.