This is good news for economic progress in Asian countries, especially Asean countries, which are lagging behind in their economies.
Asian countries must unite to create free trade to improve product quality and expand employment. And in the long run, it is expected
to compete with Europe and America in the economy.
Topic: Asia-Pacific nations sign world’s biggest trade pact - page 2. (Read 443 times)
Without the big or key players in the trade that can dominate the system, this biggest trade would be the most exciting part of all the nations who participated to it. There is also no need for other big countries to participate so that this trade pact can get along with and played fairly without getting intimidated by other or get influence with big countries like USA. However, China shouldn't be part of that pact. They can take advantage on other countries as well.
If it is for the betterment of every country that will join in this open trade agreement then no questions at all. Like the European Union that brings solidarity to its members this open trade agreement can be the start of a stronger economy for its members. However, it may seem to be for the good of every member but it could also lead to the fall of a few because countries that have a strong economy may eat the weak ones and soon gain full control over the economy of the others only IMO.
What bothers me in this pact is that China seems like it's trying to create its own 'sphere' wherein they could easily implement something and others would freely trust it because, well, they belong to the same pact. Kinda like what Japan envisioned during WW2, the Greater East Asia Co-Prosperity Sphere which promised 'co-prosperity' and 'peace' along those within the network. Only this time, China acts as a passive, free-trading entity sans the aggression (?) imposed on other members. I just hope though that this does not develop further into an EU-like structure that is crumbling by the day. It's good on paper, although on practice it's a different story.
I am not sure that this can develop into a political plane, like the European Union, if only because the signatories have a lot of contradictions in political issues. To a certain extent, this is a trade victory for China and a guarantee of continued economic growth, along with continued growth in trade turnover in the region, when the United States of America is trying to isolate its economy from Chinese goods and Chinese capital by staging trade wars. 
China and 14 other countries have agreed to form the world’s largest free trade bloc, encompassing nearly a third of all economic activity. Without USA, EU or Russia.
https://www.aljazeera.com/economy/2020/11/15/rcep-15-asia-pacific-nations-set-worlds-biggest-trade-pact
One third of worlds economy can work on their own by itself. If we add influence they have over Africa, this is by far strongest free trade bloc that will be almost impossible to challenge in the future.
This is a really interesting development, the United States for the most part has been able to manipulate other countries by the use of their own economy knowing that they could pressure them into submission and force them to do whatever they wanted because they had the power of the economy on their side, but with the creation of this trade pact China and many other countries are going to have a way to respond and to resist those advancements by the United States.https://www.aljazeera.com/economy/2020/11/15/rcep-15-asia-pacific-nations-set-worlds-biggest-trade-pact
One third of worlds economy can work on their own by itself. If we add influence they have over Africa, this is by far strongest free trade bloc that will be almost impossible to challenge in the future.
It seems that slowly but surely we are getting out of a world in which there was only one superpower and now there is two, I just hope that this not ends up becoming similar to what happened between the United States and Russia because I'm not so sure the world could withstand a cold war as it did in the past.
This is an important step for the treaty countries and it will increase trade and commerce between the treaty countries and enable faster delivery of goods and services to the people of the country. As duty-free trade increases imports and exports between countries, it will be possible to resolve trade wars in foreign trade. As a result, people living in these countries will be able to import and export their essential goods at a relatively low price and easily. On the other hand, China has achieved diplomatic success as a result of increasing trade relations with 14 other countries.
What bothers me in this pact is that China seems like it's trying to create its own 'sphere' wherein they could easily implement something and others would freely trust it because, well, they belong to the same pact. Kinda like what Japan envisioned during WW2, the Greater East Asia Co-Prosperity Sphere which promised 'co-prosperity' and 'peace' along those within the network. Only this time, China acts as a passive, free-trading entity sans the aggression (?) imposed on other members. I just hope though that this does not develop further into an EU-like structure that is crumbling by the day. It's good on paper, although on practice it's a different story.
the powerful country will benefit more. This looks grand and truly beneficial from a distance. It may not necessarily be the case on the ground.
I couldn't agree more, This is the other side that is often ignored by the media, as if the form of a trade cooperation agreement entered into by the government must be good news even though this is not always the case. How many forms of cooperation carried out by China have increasingly given power to its country while in other countries involved it has become a challenge or even a disaster. Very cheap Chinese goods flooded the markets of other countries and the domestic market was devastated by it. So this cooperation will only give more power for China to become the country with the largest economy in the world.
The free trade alliance that China has made with 14 countries is indeed a common thing, China will continue to build other economic alliances with many countries in order to continue to develop its power in the economic field. In fact, we all know that only China is capable of printing state revenue up to double digits. China also controls trade in the world so this policy will continue to have an impact on China's power itself. When viewed for the other 14 countries, this policy is a challenge, because they must be able to compete with Chinese goods themselves.
It seems that this agreement with fourteen neighboring countries on free trade is just very successful for China on the eve of the release of its digitized yuan. Most likely, it is the digitized yuan that will become the main currency for settlements in this Asia-Pacific region. This will contribute to the growth of China's economic power and enhance the role of the region as a whole. It will also strengthen China's position in its trade struggle with the United States. 
..., and China is famous for its Imperial ambitions.
Not sure where you studied history but your teachers seems to be very bad. China was fro most time in last 4000 years most powerful country in the world but was never imperialistic. For them there was China and the rest of the world. The rest were foreigners and they should come to China, not China should come to foreign countries. This was and still is Chinese philosophy.
Trade agreements in Asia Pacific countries benefit countries there especially Southeast Asia. Here there are potential economies such as Thailand, Indonesia, Malaysia, Vietnam, Singapore ... they are developing strongly in fields from food, food, consumer goods, high technology. This is a region with high solidarity when ASEAN has peacefully, stably settled regional issues and has effective economic cooperation for many years. I am confident that their cooperation with the major economies will motivate developing regions of the world to learn to prosper like these nations.
Many Asia Pacific countries had go slow policy for some time about this deal. As Trump is voted out, so they hurriedly signed this deal with China. This deal will enormously benefit Southeast Asian countries and also grow ever-increasing influence of China in these countries. It will certainly be a cause of concern for both United States and European Union. Unfortunately, India has missed out, but the door is still open for India to return later.
- China and its allies will impose low tariffs on trade with no corona lockdowns (economic advantage)
- While USA, EU and much of the world impose corona lockdowns trading with higher tariffs (economic disadvantage)
Its a recipe which could alter the political economic landscape of the world significantly. Although not quite as black and white as it may appear on the surface.
Some would see a very nice conspiracy theory in this, because the virus as we know came from China which is now almost virus free as some of the countries in this pact. While on the other hand, Europe is going through very difficult days under the impact of the second wave, and it is to be expected that it will very likely hit the US full harder than it is now.
This whole situation shows that China and some other countries in Asia have one major advantage, and that is that they have much more effective methods to overcome such challenges (pandemics) than is the case with EU or US residents. All this, of course, is connected with the political system and human freedoms in the West, where, despite the dangers and warnings, a part of the population wants to live as before - and thus spreads the virus everywhere. It is a very simple answer to all those who wonder why some countries have beaten the virus, while others do not see the light at the end of the tunnel.
Let me remind you that we have already passed this once-the USSR and sympathizers VS Europe+USA+sympathizers.
As you can see, this story did not last long.
A closer example is the European Union, which 28 years later is already bursting at the seams.
Yes, such an agreement will create a separate economic zone (quite pleasant) for the next 30-50 years, but it simply will not live beyond that. People don't know how to live in peace, and China is famous for its Imperial ambitions. For the time being, he will hide them, but as soon as even a hint of some deeper truth comes to the surface, the same thing will begin as with EU.
But again, I don't think this is bad news, no matter how bad anyone feels about China. Simply because this is a place for new and great opportunities and in the near future there will be space not only for classic business, but also for crypto projects and cryptocurrencies. We can even assume that it is within this zone that the active spread of cryptocurrency will begin.
We can even assume that it is within this zone that the active spread of cryptocurrency as a LEGAL means of payment will begin - and not as a thing with an incomprehensible status and in the gray zone.
As you can see, this story did not last long.
A closer example is the European Union, which 28 years later is already bursting at the seams.
Yes, such an agreement will create a separate economic zone (quite pleasant) for the next 30-50 years, but it simply will not live beyond that. People don't know how to live in peace, and China is famous for its Imperial ambitions. For the time being, he will hide them, but as soon as even a hint of some deeper truth comes to the surface, the same thing will begin as with EU.
But again, I don't think this is bad news, no matter how bad anyone feels about China. Simply because this is a place for new and great opportunities and in the near future there will be space not only for classic business, but also for crypto projects and cryptocurrencies. We can even assume that it is within this zone that the active spread of cryptocurrency will begin.
We can even assume that it is within this zone that the active spread of cryptocurrency as a LEGAL means of payment will begin - and not as a thing with an incomprehensible status and in the gray zone.
Trade agreements in Asia Pacific countries benefit countries there especially Southeast Asia. Here there are potential economies such as Thailand, Indonesia, Malaysia, Vietnam, Singapore ... they are developing strongly in fields from food, food, consumer goods, high technology. This is a region with high solidarity when ASEAN has peacefully, stably settled regional issues and has effective economic cooperation for many years. I am confident that their cooperation with the major economies will motivate developing regions of the world to learn to prosper like these nations.
Trade is good in whatever form it takes, ....
That is a very one-sided view. It depends on the content of the trade agreement. A bad example of how trade also harms is the EU's agreement with some African countries. This includes that the EU opens its markets for African products (which by the way are mostly not competitive) and African countries must allow EU imports of highly subsidized milk (milk powder) and chicken meat which are so cheap that it is ruining the domestic African farming industry.
This! This is the downside of trade agreements. And always, the powerful country will benefit more. This looks grand and truly beneficial from a distance. It may not necessarily be the case on the ground.
Huge capitalists which are close partners with governments will surely reap the benefits. Whereas poor crop and vegetable farmers and livestock and poultry growers, for example, will be left biting the dust.
Countless of times, a lot of my farmer countrymen are left with no choice but to throw away fresh agricultural produce and refrain from harvesting the rest because cheap imported goods are overflowing the market.
However, there is something missing about environmental protection and labor rights because they are not part of the RCEP agreement. In essence, the signing of this cooperation agreement is just the beginning. After that, the countries involved still have to make efforts to implement it. because It also requires political commitment at the highest level. Do not let this become a tool by a certain country to become a "champion" in international trade. read=China.
Trade is good in whatever form it takes, ....
That is a very one-sided view. It depends on the content of the trade agreement. A bad example of how trade also harms is the EU's agreement with some African countries. This includes that the EU opens its markets for African products (which by the way are mostly not competitive) and African countries must allow EU imports of highly subsidized milk (milk powder) and chicken meat which are so cheap that it is ruining the domestic African farming industry.
Quote
“RCEP will soon be ratified by signatory countries and take effect, contributing to the post-COVID pandemic economic recovery,” said Nguyen Xuan Phuc, prime minister of Vietnam, which hosted the ceremony as ASEAN chair.
RECP will take already low tariffs on trade between member countries still lower, over time.
RECP will take already low tariffs on trade between member countries still lower, over time.
....
The implication here appears to be.
- China and its allies will impose low tariffs on trade with no corona lockdowns (economic advantage)
- While USA, EU and much of the world impose corona lockdowns trading with higher tariffs (economic disadvantage)
Its a recipe which could alter the political economic landscape of the world significantly. Although not quite as black and white as it may appear on the surface.
If anything it shows how nations can adopt tax cuts and lower tariffs to become more economically competitive over time.
In theory this sound good but in practice all these small countries in the agreement/ pact are going to need to measure the impact on their economy, we all know that labour is cheap in some part of the world and manufacturing is also very well subsidize so it is easy for them to produce and dump their products in some countries because of free trade, what this does is that the manufacturing companies that some countries won't be competitive again and collapse creating unemployment and other secondary effect. I will like to see how this work out in medium term
Many people don't like China. But this is for the good of the participating countries. The pact will create a lot of opportunities and better friendship for all of the countries that are part of this trade pact.
With Biden's awaited sit to the office, while the article says that he's unlikely to rejoin but I think there is a tendency that he will consider joining this trade pact soon just as Australia and New Zealand did.
With Biden's awaited sit to the office, while the article says that he's unlikely to rejoin but I think there is a tendency that he will consider joining this trade pact soon just as Australia and New Zealand did.
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