ISDS Case Map
RCEP
Four months after RCEP was signed, a study surfaces, with gloomy trade data, portending a shaky future for the Kingdom and ASEAN as a whole
The Diet, Japan's parliament, on Friday started debates on whether to approve the Regional Comprehensive Economic Partnership free trade deal, which was agreed on by Japan and 14 other nations in November last year.
Cambodia's trade balance is expected to worsen by $2.3 billion per annum or around 17 per cent due to the recently-signed RCEP, startling data from a joint study led by Dr Rashmi Banga of the UNCTAD revealed.
Malaysia is looking towards ratifying the Regional Comprehensive Economic Partnership (RCEP) agreement by the end of this year, the International Trade and Industry Ministry (MITI) deputy secretary-general (Industry) Datuk Seri Norazman Ayob said.
Malaysia’s goods trade balance will decline by 36% or US$4 billion (RM16.4 billion) per annum, post the Regional Comprehensive Economic Partnership (RCEP), according to a report by the Global Development Policy Centre of Boston University.
There are several sticking points for new entrants into the CPTPP, especially China.
China is encouraging the early implementation of the Regional Comprehensive Economic Partnership, and members of the Asia-Pacific trade pact aim for it to take effect from Jan. 1, 2022.
In a virtual press conference held today, new evidence from a UN economist shows that the RCEP, a mega FTA recently signed by ASEAN and five trading partners Australia, New Zealand, China, Japan and South Korea, will negatively impact ASEAN, especially its trade balance.
China will be able to fully fulfill its obligations under the agreement of the Regional Comprehensive Economic Partnership when it enters into force, a commerce official said.
In a more open market, Chinese products will face fierce competition from low-end products made by Southeast Asian countries with comparative advantages in labor and land, and high-end products by developed countries like Japan and South Korea.
