World’s Largest Trade Deal: Mix of Business and Diplomacy – By Ralph Jennings (VOA News) / January 14, 2022
SAN FRANCISCO — The world’s largest free trade pact, the Regional Comprehensive Economic Partnership (RCEP), could help export-reliant Asian companies and may be good diplomacy, experts say.
The trade agreement went into effect Jan. 1.
In Thailand, Prapaipan Manathanya has high hopes for what the trade deal will mean for her company. As the managing director of the Thai rice exporting company CM Premium Rice, she expects the trade pact to increase the “competitive advantage” of her exports because the key markets of China, Japan and South Korea will waive tariffs. Thailand is one of 15 countries that form RCEP.
“There will certainly be advantages, such as creating competitiveness opportunities for Thai products and allowing importers to obtain cheaper products from tax exemption, which may consequently allow them to gain more profits or sell products with cheaper prices,” she said.
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