Regional Comprehensive Economic Partnership (ASEAN+6)
Having secured free trade agreements (FTAs) with almost all key trading partners, Australia is honing in on a long elusive but lucrative market — India. Tensions with China, the need to find new sources of economic growth and government policy to diversify trading partners are pushing Australia into India’s arms.
The Chinese government has officially ratified the Regional Comprehensive Economic Partnership (RCEP) agreement, Minister of Commerce Wang Wentao said Monday.
China’s plan to build a global rapid logistics circle for goods by 2035, which will likely boost China’s trade with major economies in the EU and Asia.
The Japanese government adopted at a cabinet meeting Wednesday a plan to approve a deal to forge the Regional Comprehensive Economic Partnership, which was agreed on by Japan and 14 other nations in November last year.
The Regional Cooperation Economic Partnership (RCEP) is unlikely to bring immediate significant benefits for its developing member countries in terms of flow of goods and services or major infrastructure investments, analysts and economists said.
The parliament approved the ratification of the Regional Comprehensive Economic Partnership (RCEP) which was expected to take effect this year, said Deputy Prime Minister and Commerce Minister Jurin Laksanawisit.
The RCEP will undoubtedly pave the way for China’s new digital yuan expansion throughout Asia.
Australia’s efforts to end a diplomatic deep freeze with China may not be getting anywhere fast on the surface, but there are nonetheless some signs of a potential thaw.
The Commerce Ministry is scheduled to propose to parliament on Tuesday the ratification of the Regional Comprehensive Economic Partnership (RCEP) trade pact, the world’s biggest free trade deal, signed by 15 nations in Asia-Pacific including Thailand last November.
If the latest flare ups over the contentious territorial issues and popular anti-China sentiments in the region are anything to go by, it seems likely that uncertainty over domestic ratification of the RCEP agreement by the signatory states would persist in the days ahead.
The Regional Comprehensive Economic Partnership (RCEP) Interim Joint Committee is to hold a virtual meeting on 30 January 2021 and will be the first joint committee meeting since the formal signing of the RCEP agreement.
As its economy maintains recovery momentum, the country aims to attract foreign investors this year by encouraging investment in more industries, shortening negative lists for foreign investment, and further expanding the free-trade network.
A recently signed 15-country trade deal may not significantly benefit the Philippine economy and instead expose its lack of competitiveness in manufacturing, a senior equities research executive for Regis Partners said.
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.
China will complete the necessary domestic approval procedures for the Regional Comprehensive Economic Partnership agreement within six months, the Ministry of Commerce said.
China will step up efforts to expand its free trade area network with trading partners across the world to enlarge its “circle of friends”, while eliminating more tariffs on goods and broadening market access for services trade and investment, according to commerce minister Wang Wentao.
RCEP will only deepen inequalities that already exist and were exacerbated further by the pandemic. It will further undermine the livelihoods of farmers, fishers, indigenous peoples and rural women, and threaten jobs for workers.
South Korea formally inked a comprehensive trade deal with Indonesia, paving the way for local exporters to penetrate deeper into the Southeast Asian market.
South Korea and Japan look set to be the biggest winners in the Asian oil and chemicals marketplace as the world’s largest regional free-trade agreement paves the way for a gradual reduction in tariffs.