Posted on 11/15/2020 7:09:21 PM PST by SeekAndFind
Nothing less than a major milestone in global economic history and a huge victory for China over increasing US regional hegemony has been realized on Sunday with the signing of the biggest free trade deal ever among fifteen Asia Pacific Nations.
Called the Regional Comprehensive Economic Partnership, or RCEP, the agreement was signed virtually during the annual summit of the 10-nation Association of Southeast Asian Nations (ASEAN), and effectively establishes the world's largest trading block that is expected to encompass almost one-third of all global economic activity, crucially without the United States.
Via Grain.org
It's being further seen as a massive blow to four years of both Trump's America First policy and simultaneously the trade war and increasing attempts to convince other large regional powers like India to isolate China (though India is notably absent from the RCEP).
The trade pact involves ten ASEAN bloc member nations including Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam – and additionally their trade partners Australia, China, Japan, New Zealand, and South Korea.
China's Premier Li Keqiang was cited in state media as hailing a "victory against protectionism" and in international media reports it is being called "a coup for China" which will bolster Chinese claims that it remains a "champion of globalization and multilateral cooperation".
"The signing of the RCEP is not only a landmark achievement of East Asian regional cooperation, but also a victory of multilateralism and free trade," Li said, after it's been in negotiations for eight years.
The RCEP was initiated by ASEAN, how could it be China-led? China pursues win-win and win-for-all, but Washington sees it as China wins twice and China wins all. So, China is awesome that it wins no matter what.😀 pic.twitter.com/g3ZjxanwET — Hu Xijin 胡锡进 (@HuXijin_GT) November 15, 2020
The AP summarized of the agreement:
The accord will take already low tariffs on trade between member countries still lower, over time, and is less comprehensive than an 11-nation trans-Pacific trade deal that President Donald Trump pulled out of shortly after taking office.
...It will take time to fully assess exact details of the agreement encompassing tariff schedules and rules for all 15 countries involved — the tariffs schedule just for Japan is 1,334 pages long.
It is not expected to go as far as the European Union in integrating member economies but does build on existing free trade arrangements.
India was the only country invited to the table but that didn't sign the deal (and then there's Taiwan, also not part of the deal).
Closing ceremony of ASEAN summit being held online in Hanoi on November 15, 2020. Getty Images
Yet clearly this marks the final death knell for both Obama's so-called 'pivot to Asia' and Trump's anti-Chinese decoupling initiatives. In the days leading up to the expected signing on Sunday the major American networks were noticeably quiet about it.
As The Wall Street Journal now forewarns: "The deal signed Sunday increases pressure on Mr. Biden to deepen U.S. trade engagement in the Asia-Pacific region. He warned last year that if America doesn’t write the rules of the road, China will, and said he would try to renegotiate the TPP, but hasn’t taken a firm position either way."
What in the world is USSA news?
First I have heard of it.
I doubt Australia and Vietnam would sign anything with China . This has to be fantasy.
increasing US regional hegemony? What a damn Laff!!!
China is encroaching on everyone, particularly in asia
I quite agree.
The Vietnamese wont even import chinese food stuffs.
Tyler Darden does good reporting, but I wonder if thatâs his real name. Sounds pseudo.
Tyler Darden is the name of a character in the movie “The Fight Club”.
“Tyler Durden” = Zero Hedge stuff? That’s what I always assume when I see that name listed as an author.
RE: What in the world is USSA news?
Ok, let’s say you don’t trust USSA NEWS as the source, what about the Wall Street Journal, which reports the same thing:
https://www.wsj.com/articles/asia-pacific-nations-sign-major-china-backed-trade-deal-11605434779
Iâm no expert on this subject. But, we realigned and renegotiated deals among our N American neighbors. So, Asia did something similar with their neighbors.
RE: I doubt Australia and Vietnam would sign anything with China . This has to be fantasy.
Well, these countries did. It’s been reported in every major news outlet.
a lot of Australians are not happy. China has been boycotting lots of Australia’s exports, so there is a lot of anger, yet this just pops up overnight.
BBC top story in past 24 hours. ended by saying China pulled this off while US focussed on itself, which may change with the Biden presidency. (note, not IF there is a Biden presidency).
So why am I reading about it in this rag?
I can’t keep up with the garbage sites trying like vultures to grab new readers during this crisis.
it’s getting ridiculous.
@you’re not a real news/opinion/anything outlet
RE: So why am I reading about it in this rag?
Why do you call it a rag? If they provide legitimate news ( which they do ), I give them as much or better credibility than say, CNN or the Washington Post.
This is tied directly in with expectations for when the Global elites meet in Davos in May 2020. It was delayed until may rather than January .....and everything we see happening on the world stage is going to be directly and indirectly tied to the Covid Crisis they’re wrapping around Climate change.
This is also why they were participants in this fraud of an election...it is and was a coup. They have to have Biden in Office in order to “Reset” the International Order they’re meeting on in may.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.