ASEAN leaders said they intend to continue expanding trade with India and that the door remains open in New Delhi to join the bloc. In the longer term, Li called the agreement a „victory for multilateralism and free trade.“ Southeast Asian heads of state and government met in Bangkok for a three-day, trade-dominated summit. ASEAN members are working to finalize a China-backed plan for the creation of the world`s largest free trade area. Finally, rcep and the CPTPP are powerful counter-examples of the decline in rules-based trade around the world. If rcep stimulates mutually beneficial growth, its members, including China, will gain influence around the world. The RCEP raises standards for the protection and application of intellectual property in all participating countries. In addition to guaranteeing copyright and trademarks in the normal sense, it goes ahead to protect non-traditional trademarks (sound marks, wider range of commercial designs) and digital copyright forms that go beyond what was contained in the CPTPP. China Briefing is written and produced by Dezan Shira – Associates. This practice supports foreign investors in China and has done so since 1992 through offices in Beijing, Tianjin, Dalian, Qingdao, Shanghai, Hangzhou, Ningbo, Suzhou, Guangzhou, Dongguan, Zhongshan, Shenzhen and Hong Kong. Please contact the support company in China at firstname.lastname@example.org. An Indonesian product containing, for example, Australian coins could expect tariffs elsewhere in the Asean Free Trade Area. The China-backed agreement is seen as an alternative to the Trans-Pacific Partnership (TPP), a Washington trade initiative that no longer exists.
The pact reduces tariffs, opens up the services sector and establishes common rules on trade within the bloc. The agreement covers trade, services, investment, e-commerce, telecommunications and copyright. This new trading bloc is likely to see a greater flow of goods from high-cost countries such as Australia, Japan, New Zealand, South Korea and Singapore to countries with lower labour costs, such as Cambodia, Laos and Myanmar. The benefits of cheaper products will spread throughout ASEAN and other RCEP members and will be imposed on European and American consumers. The new free trade bloc will be larger than the agreement between the United States, Mexico and Canada and the European Union. Read also: APEC Summit: Free Trade in Asia in the Age of Protectionism AFTA management is managed by the national customs and trade authorities of each ASEAN member. The ASEAN secretariat is authorized to monitor and ensure compliance with AFTA`s measures, but it does not have the legal authority to enforce them. This has led to inconsistent decisions taken by the ASEAN national authorities. The ASEAN Charter aims to strengthen the capacity of the ASEAN secretariat to ensure consistent implementation of AFTA`s measures. Under the RCEP, the parts of all Member States would be treated in the same way, which could encourage companies in RCEP countries to look for suppliers in the commercial region.