The Asian Free Trade Area celebrates its birthday
For China in particular, it is critical that it quickly connects its Asian neighbors with it.
Source: Handelsblatt, International Monetary Fund
A year ago, the world’s largest free trade area, the Regional Comprehensive Economic Partnership (RCEP), entered into force in the Asia-Pacific region. So far, hardly anyone has noticed, especially since the trade agreement is not going as planned. For example, the necessary forms are missing in a number of countries, and officials in many customs authorities don’t know how the new regulations are actually supposed to work. In addition, many countries are already part of other bilateral and multilateral agreements – such as Singapore, New Zealand and Taiwan – which creates more confusion.
In light of the current trade dispute with the USA, it is especially important for China – the largest member of the RCEP – that the FTA be put into effect quickly. For example, the United States has recently been increasingly trying to tie Asian trading partners to itself – perhaps not completely without ambitions to compete with China.
Found an error?Report now.
“Tv expert. Hardcore creator. Extreme music fan. Lifelong twitter geek. Certified travel enthusiast. Baconaholic. Pop culture nerd. Reader. Freelance student.”
More Stories
Traditional department store Globus – This is the Thai family company behind Globus – News
Swiss National Bank increases minimum reserve requirements – News
Miss close at New York airport