First President Donald Trump withdrew the United States from a 12-nation trade deal with the Breaded Pacific, known as the TPP. Then Prime Minister Narendra Modi pulled India out of another China-led regional group, RCEP. In both cases, protectionism played a role; In both cases, the show continued without her. The RCEP agreement on 15 countries that has just been signed raises the question of the impact this will have on US and Chinese efforts to strengthen their strike force – and their activities – throughout Asia. In a joint statement, RCEP leaders said the signing of the agreement showed “our strong commitment to supporting the economic recovery” from the pandemic slowdown, with job creation and “open, inclusive, rules-based trade.” The Asia-Pacific Trade Agreement (APTA), previously known as the Bangkok Agreement[1], and renamed on 2 November 2005[2], was signed in 1975. It is the oldest preferential trade agreement between countries in the Asia-Pacific region. Seven participating States – Bangladesh, China, the Democratic People`s Republic of Laos, India, Mongolia, the Republic of Korea and Sri Lanka – are the parties to APTA. The APTA pact occupies the market of 2921.2 million people [2] and the size of this large market represents 14615.86 billion dollars in terms of gross domestic product (GDP) in the 2015-2016 fiscal year. [3] The main objective of APTA is to accelerate economic development among the seven Participating Countries that opt for trade and investment liberalization measures that contribute to economic trade and strengthening through the coverage of goods and services, a synchronized investment regime and free transfer of technology, which allows all participating States to participate in an economic situation. The aim is to promote economic development and cooperation by adopting trade liberalization measures. APTA is open to all members of the United Nations Economic and Social Commission for Asia and the Pacific, which is the secretariat of APTA. APTA members are currently participating in the fourth round of tariff concessions, which is expected to be completed in October 2009. [4] Many Member States already have free trade agreements (FTA) between them, but there are restrictions.

President-elect Joe Biden said Monday that the United States must ally with other democracies to write the rules of global trade β€” not China. Preferences granted under the APTA may overlap with the separate FSQD regimes of China, India and the Republic of Korea, as well as preferences under the SAFTA, ASEAN-China, ASEAN-India and the ASEAN Republic of Korea regional trade agreements. A product made in Indonesia, which contains, for example, Australian parts, could be subject to tariffs elsewhere in the ASEAN Free Trade Area. . . .

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