Birgit Marschall News Today : Breaking News, Live Updates & Top Stories | Vimarsana

(Own report) – Germany and the EU are at risk of losing out in the world s most significant growth region, business representatives warn, regarding the world s largest free trade agreement RCEP (Regional Comprehensive Economic Partnership), which became effective on January 1, and is still hardly known in Germany. RCEP is a free trade agreement (FTA) between 15 countries of the Asia-Pacific region, which includes the world s second and third largest economies – China’s and Japan’s respectively. Together, the RCEP countries represent nearly a third of the global GDP. RCEP has the potential of consolidating international supply chains within its member countries, luring production sites away – also from Germany, for example – and to set globally important trade norms and industrial standards. The new free trade alliance is a structural consequence of the shift in the balance of forces from the Atlantic to the Pacific and of former colonies turning their backs on their former

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