15 Asian Nations Sign Huge China-backed RCEP Trade Pact, The US is Excluded

[loyola llothta]

16 November 2020

15 Asian Nations Sign Huge China-backed RCEP Trade Pact, The US is Excluded
By The Economic Times


Fifteen Asia-Pacific economies formed the world’s largest free trade bloc on Sunday, a China-backed deal that excludes the United States, which had left a rival Asia-Pacific grouping underPresident Donald Trump.

The signing of the Regional Comprehensive Economic Partnership (RCEP) at a regional summit in Hanoi, is a further blow to the group pushed by former U.S. president Barack Obama, which his successor Trump exited in 2017.

Amid questions over Washington’s engagement in Asia, RCEP may cement China’s position more firmly as an economic partner with Southeast Asia, Japan and Korea, putting the world’s second-biggest economy in a better position to shape the region’s trade rules.

The United States is absent from both RCEP and the successor to the Obama-led Trans-Pacific Partnership (TPP), leaving the world’s biggest economy out of two trade groups that span the fastest-growing region on earth.

By contrast, RCEP could help Beijing cut its dependence on overseas markets and technology, a shift accelerated by a deepening rift with Washington, said Iris Pang, ING chief economist for Greater China.

RCEP groups the 10-member Association of Southeast Asian Nations (ASEAN), China, Japan, South Korea, Australia and New Zealand. It aims in coming years to progressively lower tariffs across many areas.

The deal was signed on the sidelines of an online ASEAN summit held as Asian leaders address tensions in the South China Sea and tackle plans for a post-pandemic economic recovery in a region where U.S.-China rivalry has been rising.

RCEP will account for 30% of the global economy, 30% of the global population and reach 2.2 billion consumers, Vietnam said.

link:RCEP trade pact: 15 Asian nations sign China-backed RCEP trade pact - The Economic Times




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[Sex Luthor]

Its insane when you sit back and really pay attention to the severity of trumps fukk ups. Like he has destroyed so much in such a short period of time.

China never had the confidence to drop their nuts on the US like they have now.

 

[DetroitEWarren]

Its insane when you sit back and really pay attention to the severity of trumps fukk ups. Like he has destroyed so much in such a short period of time.

China never had the confidence to drop their nuts on the US like they have now.

Intentional sabotage. When it becomes official after multiple investigations when his run is up he better be sentenced to death for this shyt

 

[yung Herbie Hancock]

2030 finna be lit . They got more powerful under bozo Trump. Once China learns to develop theior own chips, issa wrap. SMIC is investing heavily into R & D since we blocked TSMC and co to sell to China.

 

[Treblemaka]

This was going to happen eventually.

We have NAFTA and it didn't include China
The Eurozone agreement doesn't include China

Why would a regional pacific rim trade agreement agreement include the US?

 

[African Peasant]

It has nothing to do with Trump per se. Trump might have accelerated it, but he's not the cause.

China is going to rise. It's too late to stop them. There is nothing you can do about it. Hate it or love it, but learn to live with it.

 

[Chronic]

This was going to happen eventually.

We have NAFTA and it didn't include China
The Eurozone agreement doesn't include China

Why would a regional pacific rim trade agreement agreement include the US?

Because US under Obama tried to form something called TPP (Trans Pacific Partnership) which would include many asia pacific nations but exclude China, but Trump pulled US from TPP.

 

[King]

Because US under Obama tried to form something called TPP (Trans Pacific Partnership) which would include many asia pacific nations but exclude China, but Trump pulled US from TPP.

The white people who voted for him don’t give a shyt.

But again, we will feel the worst of it.

 

[JT-Money]

Race to the bottom for workers. I'm glad the US doesn't do these terrible trade deals. With countries who's workers get paid 3 dollars a day.

 

[Amestafuu (Emeritus)]

Its insane when you sit back and really pay attention to the severity of trumps fukk ups. Like he has destroyed so much in such a short period of time.

China never had the confidence to drop their nuts on the US like they have now.

undoing his shyt will take decades and people saw no harm in 4 more years of it. all those both sides, don't vote people have no fukking clue... scream no vote and both sides the same when your pockets are getting dug out by taxes and tariffs, plus high goods prices because some oompa loompa fumbled the diplomacy bag.

 

[spencerforhire]

 

[mykey]

Race to the bottom for workers. I'm glad the US doesn't do these terrible trade deals. With countries who's workers get paid 3 dollars a day.

*cough* *cough* NAFTA..

 

[staticshock]

*cough* *cough* NAFTA..

Family Guy ruined NAFTA for me

 

[Sex Luthor]

This isnt the only thing trump did that ruined our status around the world. He removed the US from a bunch of agreements

Trump's top five withdrawals from international agreements

 

[loyola llothta]

Because US under Obama tried to form something called TPP (Trans Pacific Partnership) which would include many asia pacific nations but exclude China, but Trump pulled US from TPP.

It was dead in the water anyway



“In a round-robin of Sunday show interviews, Stephen Miller, Mr. Trump’s policy adviser, maintained that the president had accomplished more in his first month than most of his predecessors had in their entire administrations.

In reality, most of Mr. Trump’s executive actions have had no more effect on actual policy than news releases. And his nail-in-the-coffin order on the Trans-Pacific Partnership trade deal came well after the agreement had been put on life support by labor protests and liberal opposition.“

Trump to Ask for Sharp Increases in Military Spending, Officials Say (Published 2017)