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Asia Pacific Trade Agreement China

By on April 8, 2021 in Uncategorized

Terms of Trade is a daily newsletter that unravels a world involved in trade wars. Sign up here. The signing of the RCEP brings together 2.2 billion people and covers 28% of world trade The fourth round of negotiations extends to areas that go beyond traditional tariff concessions to deepen cooperation and trade integration. APTA members are currently negotiating three framework agreements on trade facilitation, trade in services and investment. In addition, APTA members exchange information on non-tariff measures. The RCEP brings together China, Japan and South Korea for the first time in a trade agreement and includes 10 Southeast Asian countries, as well as Australia and New Zealand. In a joint statement, RCEP leaders said the signing of the agreement “shows our strong commitment to supporting the economic recovery” following the pandemic recession, with job creation and “open, inclusive, rules-based trade and investment.” President Barack Obama has defended the Trans-Pacific Trade Pact to oppose China, which is writing global trade rules for the 21st century. But days after taking office, President Trump withdrew the United States from the agreement and imposed tariffs on trading partners and sparked a trade war with China. The fourth round, launched in October 2007, was to be closed by the Third Council of Ministers in October 2009. The objective of this round is to extend preference coverage to at least 50% of the number of customs positions of each member and to at least 20 to 25% of the value of bilateral trade. In addition, a customs concession of at least 50% (on average) will be introduced.

“It really doesn`t offer any kind of disciplines or constraints that would change China`s business model,” says Chad Bown, business economist at the Peterson Institute for International Economics. The United States, with the largest economy and India, the largest democracy, remains on the periphery of one of the world`s largest trading blocs, even as China deepens trade and investment partnerships in the region and the world. Although the agreement does not offer the same level of integration as the EU or the agreement between the United States and Mexico-Canada, it was seen as an important step towards removing trade barriers and extending China`s influence.

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