HSBC Executives: US May Sign Bilateral Agreements with RCEP Member States to Leave Some Doors Open | US Finance News

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Original caption: HSBC Executives: United States May Sign Bilateral Agreements with RCEP Member States, Leaving Some Doors Open

[Texto / Observador Net Qi Qian]Seeing that the Regional Comprehensive Economic Association (RCEP) has taken hold, the United States is in a hurry. At one point, people from all walks of life, including “President-elect” Biden, were dispatched to discuss countermeasures.

According to the US Consumer News and Business Channel (CNBC) on the 17th, HSBC Managing Director and Co-Director of Asian Economic Research, Frederic Neumann, suggested that since the United States has not joined the world’s largest trade deal, RCEP, The United States can approve RCEP membership. Negotiate bilateral agreements, “leave some doors open.”

When it comes to whether the United States is considering rejoiningThe Pacific OceanFan Limin was wary of the partnership agreement (TPP). He believes that even if Biden successfully takes office next year, the current domestic political situation in the United States will become an obstacle.

On November 15, after 8 years of negotiations, the 15 member states of the Regional Integral Economic Association (RCEP) completed the signing. This marks the official start of the free trade zone with the largest population, the largest economic and commercial scale, and the greatest development potential in the world.

After the news broke, the United States, which was not involved in it, became anxious. The American media felt that “the world is not waiting for us.” Some analysts said “bitterly” that the RCEP deal is China’s “geopolitical victory” in the Asia-Pacific region.

On the 17th local time, CNBC’s “Asia Finance Forum” broadcast an interview with HSBC executive Fan Limin.

Fan Limin said: “What the United States could do is … make more bilateral agreements with the RCEP members (not all, but some of them), just to leave some doors open.“

The RCEP signed on the 15th of this month includes 10 ASEAN countries, plus China, Japan, South Korea, Australia and New Zealand. The total population, economic volume and total trade volume of its member countries represent approximately 30% of the world total. The largest free trade agreement.

CNBC cited data from the US State Department saying that among the aforementioned member states, the US has only signed bilateral trade agreements with South Korea, Australia, and Singapore.

Later, Fan Limin and the host discussed the topic of the TPP on the show, especially the possibility of the United States returning to the TPP.

The Trans-Pacific Partnership (TPP) was originally a trade agreement signed by 12 countries, and it was also a key point in former President Obama’s Asia policy. However, in January 2017, Trump signed the Presidential Executive Order and announced his formal withdrawal from the TPP negotiations.

After the American media collectively announced that Biden had won the 2020 presidential election, many people expected him to “resolve the chaos” after he took office, which included the United States rejoining the TPP. In this regard, Fan Limin was cautious.

Fan Limin agreed with the importance of the TPP for the United States and said that the United States has “overwhelming strategic reasons” to return to the TPP. But he confessed that given the current domestic politics in the United States, even if Biden takes office successfully next year, this matter will not go well.

He said,After Biden takes office, he will prioritize dealing with the epidemic. It is estimated that the TPP issue will be discussed again in two years.“Just internal affairs, America is already very busy.”

It is worth mentioning that US “president-elect” Biden responded to the RCEP issue on the 16th, saying that the US needs to formulate global trade rules with allies to counter China’s growing influence. He also revealed that he already has a detailed business plan and will discuss the matter immediately the day after his swearing-in in January next year (January 21).

Editor in Charge: Liu Wanli SF014