Critics of free trade agreements say they tend to encourage companies to relocate manufacturing jobs abroad. So, after winning disgruntled voters in the rust belt in Michigan and Western Pennsylvania in the Nov. 3 elections, Biden „won`t waste that by going back to the TPP,“ Michael Jonathan Green of the Center for Strategic and International Studies said at a webinar. Japanese Prime Minister Yoshihide Suga on Saturday reaffirmed his government`s support for „the expansion of a free and fair economic zone, including the possibility of a future return of India to the agreement, and hopes to gain the support of other countries.“ This photo, taken from a vietnam news agency (VNA) conference call, shows the heads of state and government and trade ministers of 15 countries of the Regional Comprehensive Economic Partnership (RCEP) for a virtual group photo in Hanoi on November 15, 2020. It is not expected to go as far as the European Union in terms of Member States` integration, but builds on existing free trade agreements. The China-backed deal is seen as an alternative to the Trans-Pacific Partnership (TPP), a trade initiative by Washington that no longer exists. Australia hopes the trade deal will improve its relations with China, its largest trading partner. Under RCEP, parts of all Member States would be treated equally, which could provide an incentive for companies in RCEP countries to seek suppliers within the trading region. ASEAN leaders said they still intend to expand trade with India and that the door remains open for New Delhi to join the Bloc. In the longer term, Li called the agreement a „victory for multilateralism and free trade.“ For further information, please contact: Department of External Economic Relations in firstname.lastname@example.org The Framework Agreement was signed by eleven Heads of Government on 4 November 2002 in Phnom Penh, Cambodia. : Hassanal Bolkiah (Sultan of Brunei Darussalam), Hun Sen (Prime Minister of Cambodia), Megawati Soekarnoputri (President of Indonesia), Bounnhang Vorachith (Prime Minister of Laos), Mahathir ben Mohamad (Prime Minister of Malaysia), Than Shwe (Prime Minister of Burma), Gloria Macapagal-Arroyo (President of the Philippines), Goh Chok Tong (Prime Minister of Singapore), Thaksin Shinawatra (Prime Minister of Thailand), Phan Văn Khải (Prime Minister of Vietnam), Zhu Rongji (Pr Minister of Foreign Affairs of the State Council of the People`s Republic of China).   The RCEP Agreement is flexible enough to meet the different needs of different Member States such as Myanmar, Singapore, Vietnam and Australia. Unlike the CPTPP and the EU, it does not set uniform employment and environmental standards or oblige countries to open up services and other vulnerable sectors of their economies.
The deal excludes the United States, which withdrew in 2017 from a rival Asia-Pacific trade pact. The policies surrounding the China-ASEAN agreement are tricky, as ASEAN countries want to avoid China`s dominance while building their economies by interacting with China, especially in the face of slowing demand from the US and Europe. At the same time, China is moving up the production value chain and losing demand for primary products produced by ASEAN countries, while its search for raw materials such as minerals and oil has quickly become global. Finally, the entry into force, from 2010, of all duty-free agricultural trade with China has raised many fears in the ASEAN world. „Ratification will likely be difficult in national parliaments, both because of anti-trade and anti-Chinese sentiment,“ he added. „The economic benefits of the agreement may be marginal for Southeast Asia, but there are some interesting trade and customs dynamics that need attention to pay attention to in Northeast Asia,“ said Nick Marro of the Economist Intelligence Unit (EIU). While China already has a number of bilateral trade agreements, this is the first time it has signed a regional multilateral trade pact. And like any other free trade agreement, ACFTA will strengthen ASEAN-China trade, which has grown dramatically, undersuing the growing economic interdependence of ASEAN and China, as shown in Table 1 below. . . .