Deloitte in the News
Realising the promise of integrated Asian trade
The case for the RCEP
In the wake of the breakdown of the Trans-Pacific Partnership agreement, the search continues for a regional agreement that leverages the increasing interdependence within the region. China has put forward its own proposed regional agreement, the Regional Comprehensive Economic Partnership (RCEP), which many have argued that it is not sufficiently comprehensive. This article discusses how the World Trade Organisation's recent Trade Facilitation Agreement could indeed plug the holes of the proposed RCEP and potentially pave the way for a true regional trade pact. If it is agreed and ratified by all negotiating parties, the RCEP is a regional free trade agreement covering all of Asia Pacific, including India, which will reduce or eliminate tariffs and open up the service sectors for all parties within Asia Pacific.
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