IGI | INSIDE GLOBAL ISSUES
Policy Brief No. 201666
RCEP won’t replace TPP, but can strengthen trade
Whether the Trans-Pacific Partnership (TPP) comes to a complete stop or enters into dormancy remains an open question. The TPP was signed by the 12 member nations early this year and its full text became available to the public one year ago, and after being reviewed intensely it clearly is the highest-standard free trade deal ever. However, the trade deal has encountered setbacks and with the TPP temporarily held down by US President-elect Donald Trump's statement of intent to withdraw, could there be a chance that the Regional Comprehensive Economic Partnership (RCEP) will replace the TPP?
With the global economy and trade still sluggish, the RCEP's finalization in the shortest possible period of time would convey a positive signal that trade liberalization will continue. But it can't be said it will supplant the TPP.