I know a lot of you hate the Obama Trans-Pacific Partnership, but that was designed for the US to expand economic influence in Asia, and most importantly, leave China out.
In 2019, US exports to ASEAN, Japan, and Korea was around 220 billion(agriculture, fuel, machinery being tops). We do NOT want this number to go down because of this agreement.
Quote:
The Regional Comprehensive Economic Partnership (RCEP), brings together countries that comprise some 2.2 billion people and 30% of the world's economic output. The signatories are Australia, China, Japan, South Korea and New Zealand and the 10 members of the Association of Southeast Asian Nations (ASEAN.) The pact is meant to reduce trade barriers and make it easier for the regional neighbors to do business
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Experts say the deal is a clear marker of both China's power and waning American influence in the Asia-Pacific region. Even U.S. treaty allies like Japan, South Korea and Australia moved to strike a bargain with China in the absence of an alternative, observers note.
If you're wondering, there's still a chance to damage Chinas influence. Most Asian countries are deeply skeptical of China, want America leading an agreement, and are waiting with a modified TPP
Biden on Monday about the RCEP:Quote:
The [TPP] agreement morphed into the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which 11 nations including Japan, Canada and Australia have signed
Quote:
"We make up 25% of the economy in the world," Biden said of the U.S. "We need to be aligned with the other democracies, another 25% or more so that we can set the rules of the road instead of having China and others dictate outcomes because they are the only game in town."
https://time.com/5912325/rcep-china-trade-deal-us/?utm_source=reddit.com