Trade ministers from various countries held a video conference on Wednesday to prepare for the summit of national leaders to be held on Sunday, during which a virtual signing ceremony may be held.
A project has been brewing for nearly10The Asian Trade Agreement is expected to bear fruit by the end of this week, as negotiators from various countries approach the signing of the Regional Comprehensive Economic Partnership Agreement(RCEP)Reach an agreement. Trade ministers from various countries held a video conference on Wednesday to prepare for the summit of national leaders to be held on Sunday, during which a virtual signing ceremony may be held. The ministers of Vietnam and Indonesia have stated that they expect to reach an agreement. RCEPCovering nearly one-third of global economic output, unified rules of origin will be established in most countries in the Asia Pacific region to replace various bilateral trade agreements. Analysts say the agreement marks a major step towards economic integration and will further weaken the US influence in the region. Previously, Donald Trump(Donald Trump)The President withdraws from another major regional trade agreement, the Trans Pacific Partnership Agreement(TPP)。 “RCEPThe trade agreement is an important and positive step towards trade and investment liberalization in the Asia Pacific regionIHS MarkitRajiv Biswald, Chief Economist of Asia Pacific(Rajiv Biswas)express. “RCEPBy establishing a common framework of rules of origin, strengthening intellectual property protection and trade in services, and reducing investment barriers, the scope of trade and investment liberalization has been significantly expanded The rules of origin are a set of standards for determining the origin of a product, with the aim of providing preferential treatment according to trade agreements. RCEPWill include ASEAN's10Member countries - Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam - as well as Australia, China, Japan, New Zealand, and South Korea. Many member countries currently have trade agreements, and it is expected thatRCEPIt will not lead to a significant reduction in tariffs across the board. But it will merge existing agreements, taking Asia a step towards establishing an integrated trade area similar to the European Union or North America. Vice Minister of Commerce of China, Li Chenggang, stated on Wednesday thatRCEPThe legal review of the document has been completed, and he said it is a milestone agreement that will revive confidence in regional economic growth among all parties. During the negotiation process of the agreement, there was a struggle between China (mainly focused on tariffs and commodity trade) and Japan and Australia (inclined to reach a "high-quality" agreement that includes provisions on e-commerce and government procurement). In India2019year11After withdrawing from the negotiations in June, concerns about China's dominant position intensified. Indian business groups have warned that they will be overwhelmed by a large number of cheap Chinese imports. New Delhi also believes that China is unwilling to make concessions in India's competitive service industry. Japan and Australia have attempted to persuade India to return to the agreement,RCEPIt may include special provisions that allow India to join at a later time. Need in novel coronavirus（COVID-19, i.e2019The rest of the economy boosted by the COVID-19 pandemic15China has decided to continue advancing the agreement. Bisworth stated that the next US administration will have to deal with the consequences of being outside of the two major multilateral trade agreements in the Asia Pacific region. However, US multinational corporations will be able to benefit from theRCEPThe terms, "he said. |
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