-
Important news
-
News
-
Shenzhen
-
China
-
World
-
Opinion
-
Sports
-
Kaleidoscope
-
Photo Highlights
-
Business
-
Markets
-
Business/Markets
-
World Economy
-
Speak Shenzhen
-
Leisure Highlights
-
Culture
-
Travel
-
Entertainment
-
Digital Paper
-
In depth
-
Weekend
-
Lifestyle
-
Diversions
-
Movies
-
Hotels
-
Special Report
-
Yes Teens
-
News Picks
-
Tech and Science
-
Glamour
-
Campus
-
Budding Writers
-
Fun
-
Futian Today
-
Advertorial
-
FOCUS
-
Guide
-
Nanshan
-
Hit Bravo
-
People
-
Person of the week
-
Majors Forum
-
Shopping
-
Investment
-
Tech and Vogue
-
Junior Journalist Program
-
Currency Focus
-
Food Drink
-
Restaurants
-
Yearend Review
-
CHTF Special
-
QINGDAO TODAY
在线翻译:
szdaily -> World Economy -> 
Regional trade deal center stage at ASEAN summit
    2018-11-12  08:53    Shenzhen Daily

WORLD leaders will push for the rapid completion of a massive trade deal that excludes the United States at a summit this week, in a rebuke to rising protectionism and Donald Trump’s “America First” agenda.

China, Japan, India and other Asia-Pacific countries could announce a broad agreement on the Regional Comprehensive Economic Partnership (RCEP), which covers half the world’s population, on the sidelines of the annual gathering of the Association of Southeast Asian Nations (ASEAN).

Not only is the United States absent from the deal, but Trump is skipping the summit in Singapore, highlighting how far he has pulled back from efforts to shape global trade rules and raising further questions about Washington’s commitment to Asia.

Trump launched his unilateralist trade policy with a bang shortly after coming to office by withdrawing from the Trans-Pacific Partnership, a deal spearheaded by predecessor Barack Obama that aimed to bind fast-growing Asian powers.

His approach has left the floor open for the 16-member RCEP, a free trade deal which also aims to cut tariffs and integrate markets.

The pact championed by Obama has been kept alive even without the United States, and is due to go into force this year, but the RCEP pact has now overtaken it as the world’s biggest.

Announcing in Singapore that talks for the deal — which formally began in 2012 — are mostly concluded would be “important as a symbol of Asia’s commitment to trade at a time of rising global tensions,” said Deborah Elms, executive director of the Asian Trade Center.

She said negotiations in some areas were likely to continue into next year, however, while a diplomat attending the summit, speaking anonymously, said “substantial progress” had been made but there were still sticking points.

The gathering of 20 world leaders comes against a backdrop of a months-long trade dispute between China and the United States.

The standoff is having an impact far beyond the United States and China, and leaders at the four days of meetings that begin today will be keen to voice their grievances.

Trump’s absence from the Singapore gathering and a subsequent meeting of world leaders in Papua New Guinea is even more notable given Obama, who launched a so-called “pivot to Asia” to direct more U.S. economic and military resources to the region, was a regular participant.

Leaders attending include Russian President Vladimir Putin and Japanese Prime Minister Shinzo Abe.

But much of the focus will be on the RCEP as leaders seek to send a message in support of free trade. (SD-Agencies)

深圳报业集团版权所有, 未经授权禁止复制; Copyright 2010, All Rights Reserved.
Shenzhen Daily E-mail:szdaily@szszd.com.cn