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Significance
Beijing’s announcement came shortly after it and 14 other Asia-Pacific countries signed the Regional Comprehensive Economic Partnership (RCEP), the world’s largest free trade agreement (FTA). Some US partners want Washington to join the CPTPP.
Impacts
As the largest economy in RCEP, China will have greater leverage in defining trade standards in the region.
RCEP’s standardised rules of origin will enable its members to strengthen supply chains within the bloc.
The United States remaining outside the CPTPP could diminish the pact’s appeal to the United Kingdom, which wants to become a member.
Keywords:
Pacific,
AP,
United States,
ASEAN,
Brunei,
Canada,
Chile,
China,
India,
Indonesia,
Japan,
Malaysia,
Mexico,
Peru,
Philippines,
Singapore,
South Korea,
South-east Asia,
Thailand,
Vietnam,
economy,
international relations,
foreign trade,
regional,
talks,
environment,
labour,
regulation
© Oxford Analytica 2020. All rights reserved. This content contains general information about geopolitical, macroeconomic and social developments or (where stated) other matters. It does not contain advice or recommendations that may be relied on. Where links to external websites are provided, this does not indicate that Oxford Analytica or Emerald agree with, endorse or have checked for accuracy the contents of said sites.
2020
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