Much has been made of the Regional Comprehensive Economic Partnership (RCEP) since it was signed in November. After all, participating countries account for 30% of the world¡¯s GDP. Conspicuously absent was the United States.
As president-elect Joe Biden prepares for his inauguration, the international community is anticipating how the incoming administration will approach free trade. In some ways, RCEP is the result of America¡¯s shifting attitude on such trade.
In the early stages of the negotiations, China insisted on basing the free trade framework on ASEAN countries ¡°Plus Three¡± (Japan, China and South Korea). Tokyo, worried about Beijing further expanding its influence, advocated adding India, Australia and New Zealand, to form an ¡°ASEAN Plus Six¡± framework.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.