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Yes it seems correct as today when Joe Biden has not been elected formally, China have been able to solidify the world’s largest regional economic & financial deal among 15 countries of the world, The RCEP- Regional Comprehensive Economic Partnership, to be sighed between
Ten members of ASEAN
Three additional East Asian members of ASEAN Plus Three
Two additional Oceanian members of ASEAN Plus Six
Here most important country left out is India. The reason for India not signing seems India safeguarding it’s internal industries & production & it’s government still wants to enjoy high tariffs & taxes it imposes on imports.
Though signing RCEP would have been better in the consumer point of view with increasing competition, low prices, varieties of products availability especially in Automobiles sectors but higher cost of production & high prices on products would have adversely affected the Indian industry. This would have accelerated innovation & reduced the production cost can have proved positive effect of signing RCEP by such an important economy such as India.
As per China is concerned, making RCEP into reality right now just after informal announcements of Biden’s victory shows the gain of Chinese momentum which seems going to accelerate in the coming future.
Though US also going to launch Trans Pacific Partnership – TPP & all this countries especially India may join TPP to boost trade with USA.
Bureau – Finance & Economy
Voice of the People International