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RCEP unlikely to benefit developing members in short term: analysts | Hellenic Shipping News Worldwide

RCEP unlikely to benefit developing members in short term: analysts
The Regional Cooperation Economic Partnership (RCEP) is unlikely to bring immediate significant benefits for its developing member countries in terms of flow of goods and services or major infrastructure investments, analysts and economists said.
The pact needs to be ratified by all countries, which may take time, and has different levels of tariff reductions for each country and product, the experts told the Reuters Global Markets Forum.
That means labour-intensive countries may get more imports than exports, particularly during the pandemic, over the short-term.
The RCEP is seen as a China-backed alternative to the U.S.-led Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). ....

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RCEP unlikely to benefit developing members in short term: analysts

GLOBAL BUSINESS
A man walks past stack of shipping containers in Singapore. Photo: Reuters/file
Reuters
Reuters
The Regional Cooperation Economic Partnership (RCEP) is unlikely to bring immediate significant benefits for its developing member countries in terms of flow of goods and services or major infrastructure investments, analysts and economists said.
The pact needs to be ratified by all countries, which may take time, and has different levels of tariff reductions for each country and product, the experts told the Reuters Global Markets Forum.
That means labour-intensive countries may get more imports than exports, particularly during the pandemic, over the short-term. ....

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Biden will 'walk, not run' on trade deals as Sino-U.S. tension lingers

3 Min Read
(Reuters) - Sino-U.S. ties will stay tense as U.S. President Joe Biden is unlikely to rush into new deals with the world’s second largest economy or reduce tariffs on China, even if he is willing to re-engage with multilateral trade, economists and strategists said.
U.S. President Joe Biden salutes while boarding Air Force One as he departs for Washington from Newcastle, Delaware, U.S., February 8, 2021. REUTERS/Joshua Roberts
Following former president Donald Trump’s “America First” stance, the Biden administration has a “Buy American” policy for federal procurement.
That means continued tensions, Rashmi Banga, senior economist at the United Nations Conference on Trade and Development, told the Reuters Global Market Forum. ....

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Joe Biden will 'walk, not run' on trade deals as Sino-US tension lingers

Sino-US ties will stay tense as US President Joe Biden is unlikely to rush into new deals with the world s second largest economy or reduce tariffs on China, even if he is willing to re-engage with multilateral trade, economists and strategists said.
Following former president Donald Trump s America First stance, the Biden administration has a Buy American policy for federal procurement.
That means continued tensions, Rashmi Banga, senior economist at the United Nations Conference on Trade and Development, told the Reuters Global Market Forum.
She predicted the United States would not change its policies in the ongoing tech rivalry with China, which has a large global footprint in digital technology and services. ....

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Trade to be part of Biden's China strategy, not driving force: ex-USTR official | WSAU News/Talk 550 AM · 99.9 FM

By Divya Chowdhury
(Reuters) - Trade will be a part of President Joe Biden s overall negotiation policy with China, but it won t be the driving force in Sino-U.S. relations, as it was under former President Donald Trump, a former official at the Office of the U.S. Trade Representative (USTR) said on Wednesday.
There are fundamental differences on a host of issues between the United States and China that will be difficult to resolve, Wendy Cutler, former assistant trade representative at the USTR, told the Reuters Global Markets Forum.
The Biden administration would be pressured to engage on trade in the Asia-Pacific region by pacts such as the Regional Cooperation Economic Partnership (RCEP) in Asia, and China s Comprehensive Agreement on Investment (CAI) with Europe, said Cutler, who is currently vice president of the Asia Society Policy Institute. ....

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