China: Pros And Cons Of The Regional Comprehensive Economic Partnership Part 1

1502 words - 6 pages

Many countries look to import and export their goods or services they produce in their country in order to increase gross domestic product (GDP) or to obtain the product at a cheaper price. The Regional Comprehensive Economic Partnership (RCEP) is a partnership agreement that will expand the free trade region in the major Asian countries and increase the benefits. The Association of Southeast Asian Nations (ASEAN) is the sole carrier of the RCEP which plans on integrating the “Plus six”, partners China, Australia, Japan, India, New Zealand and South Korea in order to achieve the expansion of free trade. This free trade agreement plans on bringing together the three largest economies in Asia in hopes to achieve economic activity with China as one of the leaders. It will also create one of the largest trading blocs in the world.
China has one of the fastest growing economies in the world. The country is one of the largest exporters in Asia and is one of the three superpower countries. Centralized around (ASEAN), the (RCEP) plans on offering a more in depth free trade agreement. The 10 countries involved with ASEAN and the “Plus six” countries plan to hopefully expand their trade in the region with RCEP by 2015. In hopes to create the largest trade bloc in the world, the RCEP is hoping to form a regional trade agreement with China, India and Japan, Asia’s three largest
economies. However, the more countries involved with an agreement the harder it is to maintain the same terms that will satisfy and compile with each country.
Although the final settled agreement of the RCEP project the GDP total of all the three super countries together to be around $19 trillion US dollars, the RCEP may not gain the full economic benefits with all the countries. In Asia there are many other partnership agreements that cause competition between countries and their settlements in the trade agreements. According to Sanchita Basu Das, his research states that in 2011 RCEP had the lowest GDP total compared to partnership agreements such as TPP and APEC. TPP and APEC present one of the biggest challenges for RCEP with those agreements totaling GDP in 2011 at $20.7 trillion and $38.8 trillion respectively compared to RCEP GDP at $19.9 trillion US dollars. The final settlements among the 16 countries in the RCEP project that by 2015 their total GDP will be about $26.2 trillion US dollars. The APEC is forecast to continue to present a competition for RCEP with the projected 2015 GDP to total about $48.5 trillion US dollars. However, if the countries do not come to a final agreement, China can see a downfall in their trade along with the RCEP.
One of the advantages of the Regional Comprehensive Economic Partnership is that China will experience lower trade barriers. The benefit of lower trade barriers is that costs will
be lower so China will be able to produce its products for cheaper than they previously did. Another benefit of lower trade...

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