Beijing embraced RCEP in 2012 as a counterweight to TPP, but most governments preferred the U.S.-led pact. That's because TPP sought not only to eliminate or reduce tariffs on 18,000 categories of goods, but also to curb nontariff barriers to trade, including subsidies for state-backed firms and theft of intellectual property. This would have spurred economic reforms in Vietnam and Malaysia, opened up Japanese farming and services to competition, and enhanced America's engagement in Asia. "Long-term its strategic value is awesome," said Japanese Prime Minister Shinzo Abe.RCEP is different. With participation from the 10-member Association of Southeast Asian Nations plus China, Japan, South Korea, India, Australia and New Zealand, the deal covers 30% of global GDP and half the world's population. But its liberalizing effects will be limited mostly to lower tariffs on goods. That's progress as far as it goes, but trade in services and investment--and non-tariff matters such as subsidies and property rights--will see little improvement. With China dictating the rules, RCEP will be a safe space for statism and cronyism.A country like Vietnam can expect RCEP to facilitate increased manufacturing investment from firms in Japan, South Korea and China. But modernizers in Hanoi won't have the leverage TPP would have provided to drive systemic change, such as curbing handouts to inefficient state enterprises. Japan can expect easier access to labor in India. But RCEP's lower market-opening standards mean leaders in Tokyo will have a harder time facing down domestic cartels that prefer less competition and higher consumer prices.
TPP included the US and excluded India and China.
If this is true (and I've never known jax to post a falsehood...), why would the American Congress even consider it?
Quote from: WSJBeijing embraced RCEP in 2012 as a counterweight to TPP, but most governments preferred the U.S.-led pact.
Beijing embraced RCEP in 2012 as a counterweight to TPP, but most governments preferred the U.S.-led pact.
Quote from: WSJRCEP is different. But its liberalizing effects will be limited mostly to lower tariffs on goods.
RCEP is different. But its liberalizing effects will be limited mostly to lower tariffs on goods.
The purpose of the Transatlantic Trade and Investment Partnership is to remove the regulatory differences between the US and European nations. I mentioned it a couple of weeks ago. But I left out the most important issue: the remarkable ability it would grant big business to sue the living daylights out of governments which try to defend their citizens. It would allow a secretive panel of corporate lawyers to overrule the will of parliament and destroy our legal protections.
Vimeo is also auto-embedded if you use the regular link.
A special train possibly belonging to the North Korean ruler, Kim Jong-un, has been spotted at a resort town, according to satellite images reviewed by a Washington-based North Korea monitoring project, amid conflicting reports about Kim's health and whereabouts.
On Thursday the US president, Donald Trump, played down reports that Kim was ill. "I think the report was incorrect," Trump told reporters, but he declined to say if he had been in touch with North Korean officials.Trump has met Kim three times in an attempt to persuade him to give up a nuclear weapons programme that threatens the US as well as its Asian neighbours. While talks have stalled, Trump has continued to hail Kim as a friend.
North Korea's Kim Jong Un appears in video after 21-day absenceVideo footage of North Korean leader Kim Jong Un attending a fertilizer plant opening has been released by state media outlet the Korean Central News Agency (KCNA). The footage follows KCNA reporting that Kim cut a ribbon at the event on Friday, ending three weeks of speculation about his wellbeing.The video footage, which emerged on Saturday, shows the leader of the secretive East Asian nation in an all-black suit. He appears relaxed and healthy while he claps, talks and cuts a red ribbon in front of the factory. He is surrounded by functionaries -- most of who are wearing facemasks. The video footage has not yet been independently verified, but it is thought to be from Friday.[...]Media interest is often stoked by the notable absence of the country's leading figures from key events. In 2014, Kim disappeared for nearly six weeks before reappearing with a cane. South Korea's spy agency later said he had a cyst removed from his ankle.
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