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Trade Deal Raises Questions About China's Dominance

Saibal Dasgupta

   Several leaders from 15 Asia Pacific countries, who signed the Regional
   Comprehensive Economic Partnership (RCEP) on Sunday, have praised what
   is being regarded as the world's biggest trade pact.

   RCEP members, which include 10 ASEAN members plus China, Japan, South
   Korea, Australia and New Zealand, represent 30% of world's population
   and 28% of its economy. The purpose of the partnership is to reduce
   taxes on the trade in goods and remove nontariff barriers.

   Japanese trade minister Hiroshi Kajiyama said the deal will create a
   set of "free and fair economic rules." Chinese Premier Li Keqiang
   described the pact as "a ray of light and hope amid the clouds."

   The RCEP is widely regarded as a China-backed alternative to the
   Comprehensive and Progressive Agreement for Trans-Pacific Partnership
   (CPTPP), which covers 11 countries around the Pacific, but not China.

   The agreement is a culmination of "eight years of negotiating with
   blood, sweat and tears," Mohamed Azmin Ali, Malaysia's international
   trade and industry minister, said.

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