Last month, 15 Asia-Pacific countries signed the Regional Comprehensive Economic Partnership (RCEP). The occasion marked what might be the most significant economic achievement since the COVID-19 crisis began. And yet the RCEP – or, indeed, Asia – cannot save the ailing multilateral trading system alone.
The coronavirus pandemic has heaped pressure on the troubled World Trade Organization (WTO), a WTO leadership candidate said, warning the crisis could spell the end of rules-based international trade altogether.Liam Fox, Britain's first post-Brexit international trade secretary and one of eight candidates vying to become the WTO's next director-general (DG), voiced concern that countries might turn their backs on its multilateral trading model."The reaction of some countries to
India said Monday it would not join a sprawling Asian trade pact, dealing a blow to the China-backed deal at the end of a Bangkok summit held against a backdrop of global growth fears.The Regional Comprehensive Economic Partnership (RCEP) was meant to account for 30 percent of global GDP and loop in half of the world’s people.But India dug in over concerns about market access, fearing its domestic industries would be hit hard if the country was flooded by cheap Made-in-China goods.“We have co
China and the United States (US) crossed swords Saturday ahead of an Asia-Pacific Economic Cooperation (APEC) summit, duelling over protectionism, trade tariffs and "chequebook diplomacy" as they laid out sharply contrasting visions for the Pacific Rim region.In combative back-to-back speeches at a business forum held on a hulking cruise ship moored in Port Moresby, Xi Jinping and US Vice President Mike Pence pulled few punches.The feisty exchanges laid the ground for what could be
More than 50 European and Asian leaders backed free trade and the fight against climate change on Friday in a veiled swipe at United States (US) President Donald Trump and his increasingly protectionist approach.
European leaders sought to build support from Asia on Thursday in defence of free trade and the fight against climate change, to counter the growing protectionism of President Donald Trump's America.The 28 European Union (EU) states were joined at a summit in Brussels by more than 20 Asian leaders including Chinese Premier Li Keqiang, Japan's Shinzo Abe and South Korean President Moon Jae-in.Russia's Prime Minister Dmitry Medvedev is also attending, despite tensions over Moscow
World leaders need to fix global trading systems instead of trying to tear them down, International Monetary Fund (IMF) chief Christine Lagarde said Wednesday, in a rebuke to nationalist politicians pushing tariffs and protectionism.Her comments come as a trade spat between China and the United States (US) threatens economic growth around the world, with IMF experts warning of "new vulnerabilities" in the global system."We need to work together to de-escalate and resolve the cu
Over the last five decades or so, Asia’s economies have relied largely on an export-oriented development model to support rapid economic transformation and growth.
Donald Trump’s inherently protectionist “America First” policy is a far cry from what many have grown to perceive the United States in the international arena – as a bastion of free trade. But with Trump at the helm, the superpower has rescinded its global leadership in trade and has dented its reputation further by way of imposing tariffs. The recent tariffs which affected industries in Asia – specifically Southeast Asia – was the imposition of tariffs on solar panels and modules.
Whispers of protectionism have now turned into screams and shouts.
