Asia forms world’s biggest trade bloc, a China-backed group excluding U.S. – By Reuters Staff (Reuters) / Nov 15 2020
- Fifteen Asia-Pacific economies formed the world’s largest free trade bloc on Sunday, a China-backed deal that excludes the United States.
- The Regional Comprehensive Economic Partnership (RCEP) was signed at a regional summit in Hanoi.
- RCEP may cement China’s position more firmly as an economic partner with Southeast Asia, Japan and Korea.
Fifteen Asia-Pacific economies formed the world’s largest free trade bloc on Sunday, a China-backed deal that excludes the United States, which had left a rival Asia-Pacific grouping under President Donald Trump.
The signing of the Regional Comprehensive Economic Partnership (RCEP) at a regional summit in Hanoi, is a further blow to the group pushed by former U.S. president Barack Obama, which his successor Trump exited in 2017.
Amid questions over Washington’s engagement in Asia, RCEP may cement China’s position more firmly as an economic partner with Southeast Asia, Japan and Korea, putting the world’s second-biggest economy in a better position to shape the region’s trade rules.
The United States is absent from both RCEP and the successor to the Obama-led Trans-Pacific Partnership (TPP), leaving the world’s biggest economy out of two trade groups that span the fastest-growing region on earth.
Continue > https://www.cnbc.com/2020/11/15/asia-forms-worlds-biggest-trade-bloc-excluding-us.html
