Asia Pacific Trade Agreement Countries
Fifteen countries have formed the world`s largest trading bloc and have covered nearly a third of the world economy. The signatory states will also work together on a number of issues, including helping small and medium-sized enterprises overcome barriers to the use of e-commerce, promoting the development of practices that strengthen consumer confidence, and targeted cooperation in the areas of research, training, capacity building and technical assistance. To address this problem, Australia will provide US$46 million to provide technical assistance and capacity building to help ASEAN eligible countries implement their RCEP commitments. “The economic benefits of the agreement may be marginal for Southeast Asia, but there are some interesting trade and customs dynamics for Southeast Asia,” said Nick Marro of the Economist Intelligence Unit (EIU). Unlike the CPTPP – the comprehensive and progressive agreement on the Trans-Pacific Partnership – and the EU, no uniform employment and environmental standards are established or require countries to open services and other vulnerable areas of their economies. Analysts are skeptical that Biden will insist that he be able to re-join the Trans-Pacific trade pact or withdraw many of the Trump administration`s U.S. trade sanctions on China, given that the frustrated transfer of Beijing`s trade and human rights balances and accusations of espionage and technology theft are widespread. The fourth round, launched in October 2007, was to be closed by the Third Council of Ministers in October 2009. The objective of this round is to extend preference coverage to at least 50% of the number of customs positions of each member and to at least 20 to 25% of the value of bilateral trade. In addition, a customs concession of at least 50% (on average) will be introduced.
The statement by the Heads of State and Government states that the agreement demonstrates “our strong commitment to supporting economic recovery, inclusive development, job creation and strengthening regional supply chains, as well as our support for an open, rules-based open trade and investment agreement.” Following the introduction of the RCEP, imports from Member States are expected to increase by $101.9 billion in Indonesia. Although the agreement does not offer the same level of integration as the EU or the agreement between the United States and Mexico-Canada, it was seen as an important step towards removing trade barriers and extending China`s influence.