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China and 15 other countries established the “Regional Comprehensive Economic Association” (RCEP) and signed an agreement on November 15 to form the world’s largest trade alliance, excluding the United States, but with its allies. The comment noted that this caused China to show some kind of victory, that is, despite the trade war with the United States, China was not isolated. Furthermore, the agreement reduces its impact on the environment and human rights in the region, which has also attracted a lot of attention.
China and 14 other countries signed the agreement during the ASEAN summit in Hanoi, the capital of Vietnam, on November 15. The full name of the agreement is “Regional Comprehensive Economic Association”, which forms the largest commercial alliance in the world, with 30% of the world’s population. Of the population, it represents almost a third of the world’s economic activity. After 8 years of negotiation, the signing ceremony of the agreement was carried out through online video.
Chinese Premier Li Keqiang attended the signing ceremony. Among its signatories are the 10 countries of the Association of Southeast Asian Nations meeting in the capital of Vietnam, as well as the three economic powers in the Asia-Pacific region, China, South Korea and Japan, as well as Australia and New Zealand. but not the United States.
As the new corona epidemic progresses, the Asia Pacific region hopes to help the economy recover through this agreement and emerge from the negative impact of the new corona epidemic. The “Regional Integral Economic Association” has a wide range of content, from entities to electronic commerce, from investment to the protection of intellectual property and the elimination of internal trade barriers. The agreement simplifies the rules and boosts the productivity of Asia-Pacific countries, showing that the region is responding to the unilateral protectionism of the Trump administration.
Le Monde commented that the signatories include Japan, South Korea and Australia, but not the United States. During the negotiation of the Asian Regional Comprehensive Economic Partnership Agreement, the former Obama administration of the United States, in response to the reduced influence of China in the Asia-Pacific region, excluded China from negotiating with 10 other countries in the region. from Asia and the Pacific, including South Korea, Japan and Australia. Basically, he reached a broader Pacific Rim trade agreement that included environmental and labor regulations, and made efforts to maintain the economic prosperity of the region. However, since Trump was elected president of the United States in 2017, his administration has upheld the “America first” policy and adopted a different strategy than Obama. He withdrew from negotiations on the grounds that the agreement is detrimental to US interests.
India, the second most populous country in the world, is a large Asian country. He was also involved in negotiating the agreement before, but later withdrew from the negotiation. India believes that with the implementation of the partnership agreement, cheap products from China will be discarded in the Indian market, allowing it economic damage.
The comment noted that the initial economic effects of the “Regional Comprehensive Economic Partnership” would be relatively limited and of greater political importance, that is, China has not been isolated in a trade war with the United States and has also strengthened its influence in the region. from Asia and the Pacific. At the same time, the Trump administration lacked strategy and did not promote unilateralism. The Trump administration has underestimated China’s influence in the region, with countries in the Asia-Pacific region becoming increasingly dependent on the growing Chinese economy.
The analysis indicates that as much as they distrust China, disagree with its dictatorial system and the hegemonic attempts in the region, no Asian country can cut off economic relations with China, especially since China is the first to get rid of the new epidemic of the crown and the economy is recovering rapidly. Higher than other countries.
Even Australia, which has tensions with China, is not willing to completely cut off economic and trade exchanges with China and therefore signed the agreement.
