RCEP Agreement To Create a Huge Free Trade Zone Or Increase the Momentum Against Protectionism November 16 at 4:34 AM
The RCEP-East Asia Regional Comprehensive Economic Partnership, which aims to build a free trade zone in the Asia-Pacific region, was agreed up to by 15 countries, excluding India, at a summit meeting held on May 15. As the movement of protectionism spreads around the world, the challenge is whether Japan can take the lead in boosting the momentum of free trade by taking advantage of this agreement.
RCEP, which aims to build a free trade zone in 16 countries in the Asia-Pacific region, including Japan, China, and ASEAN countries, held a summit meeting in an online format on March 15 and agreed on 15 countries, excluding India.
In the Asia-Pacific region, a huge free trade zone will be born, accounting for about 30% of the world’s population and GDP.
By reducing and abolishing tariffs and unifying trade rules, trade and investment are expected to become active, and the supply network of parts such as automobiles and consumer electronics manufacturers will strengthen the supply chain.
In addition, Japan also has the aim of countering the spread of protectionism around the world.
Concerned about the impact on domestic industries, India has rejected the signing, but the Japanese government says it has achieved certain results in bringing China into the framework of free trade.
In the United States, which has a significant impact on Japan, China, and other Asian regions, attention is being paid to whether the protectionist policies of the past will be reviewed in the wake of this presidential election.
Under these circumstances, the challenge will be whether Japan can take the lead in boosting this agreement and increase the momentum of free trade around the world, including India’s return to negotiations.