Asia forms world’s biggest trade bloc — “U.S. being left behind”


Kham/Reuters

The U.S. Chamber of Commerce said on Monday it was concerned the United States was being left behind after 15 Asia-Pacific economies on Sunday formed the world’s largest free-trade bloc, cementing China’s dominant role in regional trade…

RCEP covers 30% of the global economy and 30% of the global population, joining for the first time Asian powers China, Japan and South Korea. It aims in coming years to progressively lower tariffs across many areas.

The United States is absent from both RCEP and the successor to the Trans-Pacific Partnership (TPP), leaving the world’s biggest economy out of two trade groups that span the world’s fastest-growing region.

The U.S. Chamber of Commerce serves as the conservative voice of the most reactionary and out-of-date elements of corporate America. The absurdity of advocating for separatism from trade organizations while acknowledging this diminishes opportunity and ease of doing business with the leading segment of the world’s economy is sillier than the crap still exuded by the Republican Party. The Chamber tries to hide this behind their stuffy traditions.

4 thoughts on “Asia forms world’s biggest trade bloc — “U.S. being left behind”

  1. p/s says:

    “Recent political and geopolitical developments in the United States and Asia could undermine American energy exports to the biggest regional importer of crude oil, natural gas, and coal. Two weeks ago, fifteen countries in the Asia-Pacific region—including China and Australia—signed the world’s newest and largest trade pact. The Regional Comprehensive Economic Partnership (RCEP) Agreement is set to gradually reduce and, in some cases, eliminate, trade tariffs on goods, including commodities.
    The combined gross domestic product of the countries part of the agreement is estimated at around US$26.2 trillion, or about 30 percent of global GDP. https://oilprice.com/Energy/Energy-General/The-Worlds-Largest-Trade-Pact-Could-Crush-US-Gas-Exports.html

  2. Gweilo Joe says:

    “The Chinese economy is likely to surpass that of the U.S. in either 2028 or 2029, as the Asian giant emerges from the coronavirus pandemic in a position of strength, a new study by the Japan Center for Economic Research shows.” https://asia.nikkei.com/Economy/China-to-overtake-US-economy-by-2028-29-in-COVID-s-wake-JCER

    https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fs3-ap-northeast-1.amazonaws.com%2Fpsh-ex-ftnikkei-3937bb4%2Fimages%2F_aliases%2Farticleimage%2F4%2F4%2F2%2F1%2F31061244-3-eng-GB%2Fnominal-gdp-of-selected-economies.png?source=nar-cms

    • Hegemon says:

      “Chinese demand is estimated to generate over US$27 trillion of imports of goods and services in the following 10 years.
      In the latest World Economic Outlook, the International Monetary Fund (IMF) projected China’s economy to grow by 1.9 percent in 2020, 0.9 percentage points above its June forecast, making China the only major economy that will see positive growth this year.” https://www.telesurenglish.net/news/Chinas-Growth-To-Boost-Global-Economic-Recovery-20201217-0005.html
      ‘The American Century’ is a characterization of the period since the middle of the 20th century as being largely dominated by the United States in political, economic, and cultural terms. It is comparable to the description of the period 1815~1914 as Britain’s Imperial Century. https://en.wikipedia.org/wiki/American_Century

    • 东方红 says:

      China Luxury Goods Market to Grow 48% This Year, Says Bain and Tmall
      Luxury e-commerce sales in China expected to hit 23 percent up from 13 percent of the market’s total luxury sales this year – reaching nearly $52.8 billion, doubling the country’s overall share of the global luxury market. https://wwd.com/business-news/business-features/bain-china-luxury-forecast-1234679338/
      See also “China to the Rescue” https://finance.yahoo.com/news/china-rescue-050144960.html
      “Aaron Lau, chief executive officer and chairman at marketing and digital agency Gusto Collective, told WWD earlier that “foreign brands must bring their best expertise and resources to compete in probably the world’s most crowded and competitive marketplace where multinational, Asian and local Chinese brands converge,” adding that those who do not have an online-to-off-line infrastructure will have to fast forward their development.
      “An integrated approach is absolutely key in China,” Lau added. “Chinese consumers are some of the most digitally connected in the world. They are informed and well researched when it comes to brands and products, and even though they are constantly connected, offline retail is critically important to brands providing a tactile, sensory experience to their Chinese customers. The bar is constantly pushed higher when it comes to off-line experiences in China. Tech and digital must play a key role in offline retail activation, too.” See also https://wwd.com/business-news/business-features/how-should-fashion-new-entrants-to-china-approach-covid-19-rebound-1203664225/

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