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PBEC Session 5 - Why are RCEP & CPTPP trade agreements quickly becoming a must join club in APAC?
Topic Description: Amidst global intensification of trade protectionism and increasing doubts about free trade, the signing of the Regional Comprehensive Economic Partnership (RCEP) agreement by 15 Asia-Pacific nations, including China and Japan, that comes into force January 2022 has important significance, Hong Kong recently announced they are applying to join. Another trade agreement of significance is The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). It would seem that both are quickly becoming a race by several countries to join. Both China and Taiwan recently made their public intentions known to apply as has the UK & Thailand to the CPTPP. Economic gains from participating in both the CPTPP and RCEP applies in particular to China, Australia, Brunei, Japan, Malaysia, New Zealand, Singapore and Vietnam. Despite what many say are welcomed developments, geopolitics will ultimately be a hurdle one must overcome as well. We gather the experts to look ahead as both these trade agreements and other regional FTA’s as they come into effect. Who will be the big winners and potential losers? We also will hear about the importance of facilitating SME’s through the latest trade finance solutions.
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