RCEP an FTA with 'low ambition' but high potential
JIN DING/CHINA DAILY The Regional Comprehensive Economic Partnership agreement that entered its third year on Jan 1 is a significant rules-based trade and economic framework for the Asia-Pacific region. Although the negotiations for the RCEP, which comprises the 10 ASEAN member states and five of ASEAN's trade partners, were concluded in November 2019, the agreement came into effect on Jan 1, 2022, because different members ratified the rules of the agreement at different times. The RCEP must also ensure that its rules are consistent with the efforts of the member states to reduce carbon emissions and environmental pollution. That would require the rules to facilitate easy transfer of green and clean-technology products and services among member states, meaning the RCEP rules ought to focus on harmonizing the quality standards of clean products, liberalizing commitments on cross-border transfer of environmental services, and making intellectual property rights protection rules flexible for quick transfer and greater intra-bloc trade of green and clean-tech products. The RCEP must ensure that political disagreements between member states do not impact trade and economic relations.
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