Largest trading transaction entered into force

On New Year’s Eve, the largest trade agreement between 15 states has entered into force. It promises income growth to each third inhabitant of the planet and gives supporters of globalization hope to revitalize world trade and cooperation. It is reported in his article Russian BBC service.

Agreement called RCEP (comprehensive regional economic partnership) united China and the countries of the Asia-Pacific region, including Australia, Japan and South Korea.

The article notes that never before China – the third economy of the world after the United States and the European Union – did not subscribe to multilateral trade transactions, and even more so with Japan.

The new trading unit will strengthen China’s position in the world, the article says. He found himself at the center of the largest treaty largely due to the policy of the main opponent – the United States. The fact is that for 8 years, there were negotiations on the RCEP Covenant, large participants in the face of Japan and Australia with New Zealand, in parallel, created a much more advanced shopping block (TPP) with states on the other side of the Pacific, including Canada and the United States. However, Trump from this idea refused and led America from the negotiations. What accelerated the creation of the RCEP.

Agreement will allow trading partners in Asia to gain access to each other’s markets and reduce duty on goods, which potentially promises the acceleration of economic growth and raising the standard of living, especially the poorest countries in the region. It is open to expansion, and the first in it is waiting for India, it is noted in the publication.

Agreement The first step towards integrating very different economies of poor Laos and a rich New Zealand, Communist China and postimigarial Japan.

A new agreement does not concern, for example, the rights of employees and permits different countries in different ways to approach the environmental protection and intellectual property rights. In addition, it leaves part of the trading policy at the discretion of the authorities of the participating countries, that is, China or Japan can continue to protect their market for prohibitive duties and limit the freedom of trade enshrined in a new agreement. No general dispute resolution mechanism is also provided.