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Significance
RCEP, which involves the ten ASEAN states and five of the bloc’s Asia-Pacific partners, will be the world’s largest free trade agreement (FTA), covering more than half its exports and almost one-third of its GDP.
Impacts
RCEP should help drive economic recovery in South-east Asia in the short term as the region tries to manage a COVID-19 resurgence.
Western states will benefit from RCEP commitments to maintaining open markets and supporting the global trading regime.
A failure by members to formulate a unified response to climate change could lead to punitive trade measures from external players.
Keywords:
Asia,
Pacific,
AP,
ASEAN,
Australia,
Brunei,
Cambodia,
China,
Indonesia,
Japan,
Laos,
Malaysia,
Myanmar,
New Zealand,
Philippines,
Singapore,
South Korea,
Thailand,
Vietnam,
EU,
South-east Asia,
Taiwan,
United Kingdom,
United States,
ASIA/PACIFIC,
economy,
industry,
international relations,
foreign investment,
foreign trade,
investment,
labour,
reform,
regional,
regulation,
agriculture,
climate,
environment,
human rights,
infrastructure,
public sector
© Oxford Analytica 2021. 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.
2021
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