Beijing has applied to join an Asia-Pacific trade pact once pushed by the US as a way to isolate China and solidify American dominance in the region. China submitted the formal application letter to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) to New Zealand, according to a statement late on Thursday (Spet 16) in Beijing. Commerce Minister Wang Wentao had a follow-up call with his counterpart Damien O’Connor, as New Zealand is the dep

The 10-member Association of Southeast Asian Nations (ASEAN) and China on Monday celebrate the 30th anniversary of the establishment of their dialogue relations. Since the relations began in July 1991, bilateral trade volume had soared from less than 8 billion U.S. dollars to more than 680 billion dollars last year. With such a strong foundation, the two sides have pledged to enhance cooperation in all sectors to open a new chapter in ASEAN-China common development and prospe

RCEP Explained: The World’s Biggest Trading Bloc Trade and commerce are the lifeblood of the global economy. Naturally, agreements among nations in a certain geographical area help facilitate relationships in ways that are ideally beneficial for everyone involved. In late 2020, the Regional Comprehensive Economic Partnership (RCEP) was signed, officially creating the biggest trade bloc in history. Here, we break down everything you need to know about it, from who’s involved t

The Japanese government has approved the world’s largest trade deal. The Regional Comprehensive Economic Partnership (RCEP) could come into force next January. Deborah Elms, Executive Director of the Asian Trade Centre in Singapore, explains what it is, how it differs from other trade deals and what has to happen next. RCEP is a big deal, literally and metaphorically. When it’s signed off, the Regional Comprehensive Economic Partnership will create a free trade zone covering

Excellent new report by Simon J. Evenett and Johannes Fritz, Centre for Economic Policy Research outlining implications for national development policies, for deliberations on implementing the Sustainable Development Goals, for the financing of FDI, and for the negotiation on investment accords. Sharp reductions in FDI inflows have occurred since the onset of the pandemic. The reality is that FDI was in trouble long before. This comes at a time when governments and civil soci

Member nations of a Pacific regional trade deal agreed Wednesday to allow the U.K. to begin the process to join in a potential boost for the country’s trade following Brexit. Japanese Economy Minister Yasutoshi Nishimura said the move would strengthen economic ties between the U.K. and Japan, as well as making the zone covered by the deal equal to the EU in terms of economic size. He spoke to reporters after hosting an online meeting of ministers and officials from the 11 cou

The RCEP agreement creates a free trade arrangement between ASEAN and Asia-Pacific nations, providing new trading opportunities through tariff reduction, new rules of origin, and trade-facilitation measures. Article by Dezan Shira as part of May China Briefing In November 2020, after eight years of negotiation, the Regional Comprehensive Economic Partnership (RCEP) Agreement was finally inked by 15 Asia-Pacific nations, by far becoming the largest plurilateral free trade agre

Japan's parliament approved Wednesday the world's largest free trade deal, signed by 15 Asia-Pacific countries including China and the 10-member Association of Southeast Asian Nations, raising the possibility for the pact to enter into force later this year. The Regional Comprehensive Economic Partnership will create a free trade zone covering about 30 percent of the world's gross domestic product, trade and population. It will be Japan's first trade deal involving both China

Interesting article by Andrés Rodríguez‐Pose from FDI Intelligence. With so many of SEZs popping up around the world, relying on them could be a mistake for emerging economies. There are now more than 5300 Special Economic Zones (SEZs) in the world, 90% of which, according to Unctad, are in developing and transitioning economies. Yet the question that remains is whether the growing army of SEZs is delivering on its objectives. The Shenzhen SEZ in China — established in 1980 —

The Regional Comprehensive Economic Partnership (RCEP) agreement has been ratified by China and it is hoped that other member countries can speed up their progress and finally reach the threshold of entry into force, Minister of Commerce Wang Wentao said Monday. "The sooner the agreement comes into force, the sooner the people of the member countries will benefit," Wang said on the sidelines of the annual national legislative session. The agreement signed by 15 Asia Pacific c

A 2020 update of the ICC BASCAP report assessing the environment and highlighting trends in counterfeiting and other forms of illicit trade facilitated within free trade zones. What’s at risk? Free Trade Zones (FTZs) provide significant opportunities for legitimate business and play a critical role in global trade as well as economic growth for the host nation. However, our updated research has continued to confirm that insufficient oversight remains a major enabler of illic

Singapore and the United Kingdom signed a free trade agreement on Thursday (Dec 10) that will “provide continuity and certainty” for businesses in both countries, said Singapore’s Trade and Industry Minister Chan Chun Sing. The FTA was signed by Mr Chan and UK’s Secretary of State for International Trade Elizabeth Truss. The UK and European Union are currently locked in post-Brexit trade deal talks, more than 10 months after the UK left the bloc. Under the UK-Singapore FTA, c

First President Donald Trump withdrew the U.S. from a 12-nation, pan-Pacific trade deal known as the TPP. Then Prime Minister Narendra Modi pulled India out of another regional grouping led by China known as the RCEP. In both cases, protectionism played a part; in both cases, the show went on without them. With the 15-country RCEP deal now signed, the question is what the impact will be on American and Chinese efforts to boost their clout -- and business -- across Asia. 1. Wh

The Regional Comprehensive Economic Partnership agreement comes at a time of major upheaval caused by COVID-19 and could help revive economic growth. A new mega Asia-Pacific trade bloc has the potential to help fuel investment in the wake of the COVID-19 crisis, especially in poorer economies in the region, according to an UNCTAD report. Signed on 15 November, the Regional Comprehensive Economic Partnership agreement (RCEP) unites 15 countries, including China, Japan, Austral

The world’s biggest free-trade agreement by population and GDP will bring huge tariff cuts for its Asean and Pacific Rim signatories, including China But the agreement is less open and comprehensive than the 11-member CPTPP, which involves some of the same countries along with the United States When leaders from 15 countries in the Indo-Pacific region meet for a virtual summit on Sunday, they are expected to sign a free-trade agreement that, measured by population and GDP, is

The Regional Comprehensive Economic Partnership is expected to be signed this weekend during video meetings hosted by Asean In the absence of the US from trading blocs, China seeks opportunities to write regional trade rules, say observers China is expected to sign a mega regional trade deal with 14 other countries in the Asia-Pacific region this weekend, wrapping up a major agreement before the next United States administration comes into office, Chinese officials said on We

Trade and foreign investment are different but related types of transactions that play fundamental roles in the global economy. Foreign direct investment (FDI) and international trade are both drivers of the global economy, facilitating the cross-border transfer of goods, services and capital around the world. Research shows that the relationship between FDI and international trade is often complementary rather than competitive, although they represent different types of tran

Organizations across all industries—from automotive, consumer goods, and pharmaceuticals to transportation, electronics, and oil and gas—have felt the disruptive effect of the coronavirus pandemic. Turning the global supply chain on its head, COVID-19’s impact has cut across multiple facets of international trade, including manufacturing, import/export, logistics, compliance, and supply chain management. This disruption has been a wake-up call for organizations worldwide, pro

Insights from customs and trade across the APAC region includes the following highlights: Feature Article: From soba to udon - Are the noodles in the FTA bowl getting too thick? China releases revised export control law for public comment China encourages sales of Processing Trade products into China Impact of US’ order to revoke Hong Kong’s special customs territory status Approved Major Exporter Scheme for Sales Tax in Malaysia Two new Customs Duties Orders under AJCEP and

The first commercial deal under an Africa-wide free trade zone will take place on Jan. 1 as outstanding talks are set to move online, the African Union said. While the African Continental Free Trade Area entered into force legally last year, transactions that were due to start on July 1 were delayed as the virus set back negotiations on the protocol for trade in goods, including tariff concessions. The outstanding negotiations will be finalized through a new African Virtual T