22-7-31 How PGII & IPEF could checkmate BRI - CaspianReport > .
20-11-15 RCEP: Asia-Pacific countries form world's largest trading bloc:
Fifteen countries have formed the world's largest trading bloc, covering nearly a third of the global economy. The Regional Comprehensive Economic Partnership (RCEP) is made up of 10 Southeast Asian countries, as well as South Korea, China, Japan, Australia and New Zealand. The pact is seen as an extension of China's influence in the region. The deal excludes the US, which withdrew from a rival Asia-Pacific trade pact in 2017.
Members of the RCEP make up nearly a third of the world's population and account for 29% of global gross domestic product. The new free trade bloc will be bigger than both the US-Mexico-Canada Agreement and the European Union.
But it's possible the new "rules of origin" - which officially define where a product comes from - will have the biggest impact. Already many member states have free trade agreements (FTA) with each other, but there have been limitations = Businesses with global supply chains might face tariffs even within an FTA because their products contain components that are made elsewhere. Currently, a product made in Indonesia that contains Australian parts, for example, might face tariffs elsewhere in the Asean free trade zone. Under RCEP, parts from any member nation would be treated equally, which might give companies in RCEP countries an incentive to look within the trade region for suppliers.
UNpresident Puppet-in-Cheat pulled the (failing) USA out of the Trans-Pacific Partnership (TPP) shortly after taking office. The TPP deal was to involve 12 countries and was supported by Putin's Puppet's predecessor Barack Obama as a way to counter China's surging power in the region.
Negotiations over the RCEP began in 2012. The deal was signed on Sunday on the sidelines of a meeting of the Association of Southeast Asian Nations (ASEAN), hosted by Vietnam.
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