$20 trillion Asia trade bloc planned

Member countries of a proposed RCEP pact

An alternative to US President Barack Obama’s Trans-Pacific Partnership, the 16-member Regional Comprehensive Partnership (RCEP) is the newest concept for an economic union between ASEAN and six major trading partners, China, Japan, India, South Korea, Australia and New Zealand.

Cambodian Prime Minister Hun Sen formally launched the negotiations on the RCEP during the 21st ASEAN Summit in Phnom Penh on November 20.

The RCEP is supposed to be a trading bloc that will comprise more than three billion people with a combined GDP of $20 trillion, or almost one-third of the global economy. Officials hope to have the talks concluded by the end of 2015.

The idea for the new bloc has been born as critics have said the Trans-Pacific Partnership is not the ideal mechanism for a Pacific trade pact given China’s non-membership and some countries in Asia, such as Thailand, have raised concerns that US companies in sectors such as pharmaceuticals and information technology would be granted greater access to Asia before Asian companies in those sectors are able to compete with US rivals on equal footing.

The Trans-Pacific Partnership so far includes the US, Australia, New Zealand, Singapore, Brunei, Chile, Peru, Vietnam, Malaysia, Mexico and Canada.

 

 

Regional Comprehensive Economic Partnership



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[caption id="attachment_5429" align="alignleft" width="300"] Member countries of a proposed RCEP pact[/caption] An alternative to US President Barack Obama's Trans-Pacific Partnership, the 16-member Regional Comprehensive Partnership (RCEP) is the newest concept for an economic union between ASEAN and six major trading partners, China, Japan, India, South Korea, Australia and New Zealand. Cambodian Prime Minister Hun Sen formally launched the negotiations on the RCEP during the 21st ASEAN Summit in Phnom Penh on November 20. The RCEP is supposed to be a trading bloc that will comprise more than three billion people with a combined GDP of $20 trillion, or almost one-third...

Member countries of a proposed RCEP pact

An alternative to US President Barack Obama’s Trans-Pacific Partnership, the 16-member Regional Comprehensive Partnership (RCEP) is the newest concept for an economic union between ASEAN and six major trading partners, China, Japan, India, South Korea, Australia and New Zealand.

Cambodian Prime Minister Hun Sen formally launched the negotiations on the RCEP during the 21st ASEAN Summit in Phnom Penh on November 20.

The RCEP is supposed to be a trading bloc that will comprise more than three billion people with a combined GDP of $20 trillion, or almost one-third of the global economy. Officials hope to have the talks concluded by the end of 2015.

The idea for the new bloc has been born as critics have said the Trans-Pacific Partnership is not the ideal mechanism for a Pacific trade pact given China’s non-membership and some countries in Asia, such as Thailand, have raised concerns that US companies in sectors such as pharmaceuticals and information technology would be granted greater access to Asia before Asian companies in those sectors are able to compete with US rivals on equal footing.

The Trans-Pacific Partnership so far includes the US, Australia, New Zealand, Singapore, Brunei, Chile, Peru, Vietnam, Malaysia, Mexico and Canada.

 

 

Regional Comprehensive Economic Partnership



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

1 COMMENT

  1. It will be interesting to see which way ASEAN will move forward! TPP with the world leader like USA or RCEP with the emerging countries who have double digit growth, the 2 biggest countries in the world – China and India…

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