Regional Comprehensive Economic Partnership

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Regional Comprehensive Economic Partnership

Category: Essay

Subcategory: International Trade

Level: College

Pages: 1

Words: 275

Author’s Name
Due Date
Regional Comprehensive Economic Partnership
Although there have been various benefits associated with Trade Blocs for the member countries, these organisations tend to limit global trade. Protectionists seek Trade Blocs mainly due to their inability to compete with prices in the global market. Presently, in the race of creating the world’s largest trade bloc, China seems to be taking the lead. The RCEP encompassing 16 countries were founded in 2012. The body includes countries like Japan, Australia, China, New Zealand, India, Korea, and the ASEAN Countries. The partnership has proven to be a strong force paving the way for trade liberation in regions that have a strong influence on the overall economic growth of the globe (Lissovolik, n.p). The new mega trade bloc does not only comprise of powerful nations but also would be aggregating several Free Trade Agreements (FTA) between ASEAN Countries.
Regarding business, the RCEP would reduce trade barriers between the countries of the trade bloc, as it would help streamline processes for the businesses in these countries. According to Lissovolik (n.p), aspects like customs, trade-related infrastructure, and trade quotas could be unified for these countries. The trade bloc would also increase the ease of doing business within the region hence making the RCEP and the ASEAN countries an excellent investment and business choice for the other countries.
As proven by the Economic R…

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