Proclaimed as a win for the multilateral trading system, the Regional Comprehensive Economic Partnership (RCEP) harmonizes regulatory standards and allows member countries to offer themselves as an integrated market for investment, providing a confidence boost to aid a regionwide post-pandemic recovery.
Apart from the promised benefits of trade liberalization, the RCEP has been acknowledged more for its symbolic significance in relation to the world’s two largest economies, only one of which is a signatory to the deal. China’s inclusion in the pact will expand its economic reach and arguably help to solidify its position as a standard-bearer for globalization.
“What the RCEP clearly does is entrench China as the leading player within the free trade architecture of the Asia-Pacific, and it comes at a time when the United States is painted as a regressive force on free trade under Donald Trump,” said Harrison Cheng, an associate director with consulting firm Control Risks.
Read the full story at Asia Times.
Nile Bowie is a journalist and correspondent with the Asia Times covering current affairs in Singapore and Malaysia. He can be reached at nilebowie@gmail.com.
