RECP: The world’s largest trade agreement will strengthen exchanges in the Pacific

In November 2012, in Cambodia, the ten countries that make up ASEAN (Brunei, Malaysia, Singapore, Thailand, Philippines, Indonesia, Lao PDR, Cambodia, Vietnam and Myammar) began negotiations to promote trade with six other countries in the area, specifically with Australia, New Zealand, China, Japan, South Korea and India.

This agreement, which has been delayed over time and has not been without discrepancies, could take place in 2020. Although India has finally not joined because it considers that it does not benefit its interests, it will create a commercial area that is even bigger than the European Union or the USMCA (United States-Mexico-Canada Agreement). Specifically, these countries account for around 40% of international trade.

This agreement will be called RCEP (Regional Comprehensive Economic Partnership) and will further strengthen economic exchanges in the Pacific area.

Experts from the Australian National University believe that the US-China trade war along with the protectionism of the USA has been key in the talks have accelerated.

The main agreements are already reached and in the absence of a legal review will be signed in 2020.

Source: The world’s largest trade deal could be signed in 2020 – and the US isn’t in it (Yen Nee Lee, CNBC)

 

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