China leaving US behind with RCEP a new chapter for Beijing after surviving trade war
- The 15-member Regional Comprehensive Economic Partnership (RCEP) will take effect on January 1 after reaching the minimum number of ratifications this week
- China is also aiming to join another trade bloc, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)
China is taking the lead in expanding global trade as the world’s biggest trade pact takes effect, leaving behind an increasingly protectionist United States, trade experts say.
With the RCEP going ahead officially, China will now be able to drive trade on its terms, although some trade experts say there may still be roadblocks ahead and the effectiveness of RCEP remains to be seen, with some even questioning how many countries would benefit fully from the deal.
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CPTPP could become game changer and supplant 'out-of-date' WTO, after mainland China, Taiwan apply
China is also aiming to join another trade bloc, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which was formerly known as the Trans-Pacific Partnership (TPP) when it was the centrepiece of the United States’ strategic pivot to Asia, until then-president Donald Trump walked away from the deal in the early days of his presidency.