Forum Posts

sanzida aktar
Jul 16, 2022
In Business Forum
The Regional Comprehensive Economic Partnership (RCEP), covering the ten ASEAN countries with China, Japan, South Korea, New Zealand, and Australia , was signed on November 15, covering one third of the world's population and 29% of the world's population. GDP free trade area. RCEP was proposed in 2012 and the negotiations were launched in 2013. The original participating countries included a total of 16 countries in India. At the RCEP summit held in Bangkok, Thailand in 2019, 20 chapters of negotiations were completed, covering the three major areas of trade in photo background removing goods, trade in services, and investment, and it was planned to be signed in 2020. However, India withdrew from the negotiations because of concerns about trade imbalances. After RCEP is signed, member states' parliaments must ratify it within two years before it will take effect. After it takes effect, 65% of tariff reductions will be implemented immediately, and 90% of tariffs will be eliminated in the next 20 years. In addition, no new members are allowed to join for 18 months after entry into force , but special provisions allow India to join at any time. Malaysia said that India is an important trading partner of ASEAN and hopes that India can return to RCEP . Indonesia expects RCEP to increase its export growth rate by 8-11% and investment growth by 18-22% , contributing 0.05% of annual GDP growth from 2021 to 2032. Vietnam's telecommunications, textiles, shoes, automobiles and other export products can benefit; Thailand's food and rubber exports will be bulk; Singapore's logistics and transportation industry is a big winner, and the electronics industry is also expected to improve. The assessment of Malaysia and the Philippines will help their SMEs to enter larger markets. Countries with lower manufacturing and labor costs, such as Laos, Cambodia, and Myanmar, are expected to attract investment in labor-intensive manufacturing sectors . Many analyses point to China's dominant role in RCEP, which further deepens its influence . Countries are expected to go into effect after congressional approval in 2021, although the Economist Intelligence Unit pointed out that anti-global trade and anti-China political conditions may add variables to the congressional approval process.
Southeast Asia Weekly Photo Background Removing content media
0
0
1
 

sanzida aktar

More actions