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As Trump Scales Back, Asian Heavyweights Prep for World's Biggest Trade Pact

Ralph Jennings

   TAIPEI, TAIWAN - The world's biggest free trade pact may be just months
   from final signatures after talks this month appeared to bring the
   trade group's 16 members closer to agreement.

   The Regional Comprehensive Economic Partnership (RCEP), is a trade deal
   hatched in 2012 by the 10-member Association of Southeast Asian Nations
   (ASEAN) (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the
   Philippines, Singapore, Thailand and Vietnam) along with six free trade
   agreement partners (China, Japan, India, South Korea, Australia and New
   Zealand). It will cover about 32% of the world GDP and nearly 30% of
   global trade. The deal excludes the United States.

   During a meeting in Beijing Aug. 2-3, the countries hashed out core
   differences. The deal should be finished by year's end, Thai Prime
   Minister Prayut Chan-o-cha told a news conference Sunday after an ASEAN
   foreign ministers meeting held in Bangkok.

   Exporters from the 16 signatory countries hope for freer, cheaper and
   more reliable trade, after U.S. President Donald Trump withdrew from a
   Pacific Rim deal in 2017 and has since challenged countries across the
   world on existing agreements. The United States has been embroiled in a
   trade dispute with China since early 2018, with both nations raising
   tariffs on the other's imports.

   "There is understandably concern in ASEAN about the effect of future
   U.S. trade barriers being introduced that will affect their countries,"
   said Stuart Orr, business and law professor at Deakin University in
   Australia. "Striking this deal will reduce their dependence on the U.S.
   as a market by creating a coordinated ASEAN market."

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