Posted on 01/03/2022 2:16:28 PM PST by RomanSoldier19
The Regional Comprehensive Economic Partnership will eventually eliminate more than 90% of tariffs on commerce among 15 member countries
China joins U.S. allies including Japan and Australia in a new Asia-Pacific trade agreement that launches Saturday—with the U.S. watching from the sidelines.
The new Regional Comprehensive Economic Partnership, or RCEP, will eventually eliminate more than 90% of tariffs on commerce among its 15 member countries, in what economists say will be a boon to trade in the region. It will also give China a more prominent role in setting rules of trade in the Asia-Pacific region at the expense of the U.S., according to some analysts.
“This will be a grouping of countries that will work together and try to develop new rules and new standards,” said Wendy Cutler, vice president of the Asia Society Policy Institute and a former U.S. trade official. “[The U.S. is] moving in the other direction.”
China had been excluded from an earlier trade agreement, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, which the U.S. had led to counter China’s influence in the region. But the U.S. withdrew from the Trans-Pacific Partnership in 2017 under former President Donald Trump, who said the agreement hurt U.S. workers. Many lawmakers also opposed the pact, and the Biden administration says it has no plans to rejoin it.
(Excerpt) Read more at marketwatch.com ...
Biden is losing it.
basically an Asian Bloc trade deal.
Just call it the “Greater East Asian Co-Prosperity Sphere”
Block trade deals are normal.....but this is China securing areas in his advancement to control water trade routes...”Belt and Road”.
Chicom territory - bump for later....
On the sideline lol more like out to lunch or AWOL thanks to President Retard 🤪
Having been involved in China’s trade, I can say for certain - China has dozens of arbitrary ways using government at all level to manage and control everything that enters its borders.
Having a “low duty” is a fraud, a kind of fake PR only for headlines. The idea that China under the CCP will ever be a “free-trading” nation is absolutely ridiculous.
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