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The U.S. Chamber of Commerce serves as the conservative voice of the most reactionary and out-of-date elements of corporate America.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.

Asia-Pacific countries form world’s largest trading bloc


VNA

Fifteen countries have formed the world’s largest trading bloc, covering nearly a third of the global economy.

The Regional Comprehensive Economic Partnership (RCEP) is made up of 10 Southeast Asian countries, as well as South Korea, China, Japan, Australia and New Zealand…

Negotiations over the RCEP began in 2012. The deal was signed on Sunday on the sidelines of a meeting of the Association of Southeast Asian Nations (ASEAN), hosted by Vietnam…

India was also part of the negotiations, but it pulled out last year over concerns that lower tariffs could hurt local producers…Signatories of the deal said the door remained open for India to join in the future…

Members of the RCEP make up nearly a third of the world’s population and account for 29% of global gross domestic product.

I left out the BBC commentary. Predictably, the Brits’ noses are out of joint over this.

The GOUSA wasn’t invited.