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ASIA-CHINA-TRADE-SUMMIT-RCEP-ASEAN
As US retreats, China touts its trade deal wares to Asia
SINGAPORE, Nov 14, 2018 (BSS/AFP) – China is touting itself as the new
defender of global commerce as it works with Asia-Pacific leaders to hammer
out the world’s largest trade deal — with the United States relegated to the
sidelines.
World leaders gathered in Singapore this week for a summit where a massive
Beijing-backed agreement covering half the world’s population has dominated
discussions.
Diplomats have been trying to nail down details as Beijing entices its
neighbours to join a pact seen as an antidote to President Donald Trump’s
“America First” protectionist trade policy.
The US has imposed tariffs on roughly half of what it imports from China,
prompting Beijing to retaliate with its own levies.
China, Japan, India and other Asia-Pacific countries are expected to
announce progress on the Regional Comprehensive Economic Partnership (RCEP)
later Wednesday.
Beijing had hoped to have the meat of the deal done by the end of this
year, but the timetable has now slipped to 2019. However, this has not
stopped Chinese leaders from basking in the progress already made.
During a meeting with Southeast Asia leaders, Chinese Premier Li Keqiang
said he was hopeful talks would “break through the ceiling” and take regional
trade “to new heights”.
Trump is not at the summit, nor a subsequent gathering of world leaders in
Papua New Guinea at the end of the week, having sent Vice President Mike
Pence instead.
National Security Advisor John Bolton, however, told reporters in
Singapore that the president’s no-show should not be seen as a lack of
commitment towards the region.
He blamed a “schedule crunch” after a particularly frenetic few weeks that
included the midterm elections, attending the World War I armistice
commemorations in France and preparing for the G20 in Argentina later this
month.
– Rival trade pacts –
This week’s meetings are the biggest in a series of annual gatherings
organised by regional bloc the Association of Southeast Nations (ASEAN), and
are attended by 20 leaders.
RCEP was given extra impetus after Trump pulled the US out of the rival
Trans-Pacific Partnership (TPP).
That deal was spearheaded by predecessor Barack Obama and aimed to bind
fast-growing Asian powers into an American-backed order to counter China.
The TPP is still alive even without Washington — and will come into
effect in December — but RCEP, if realised, will be the world’s biggest
trade deal.
However, the Beijing-backed pact is much less ambitious than the TPP in
areas such as employment and environmental protection.
There are still major sticking points in RCEP talks — with regional rival
India particularly nervous about giving Chinese companies greater access to
its markets, and wealthier nations wanting to see more progress on labour
reforms.
Disagreements on intellectual property rights, goods tariffs and financial
services are also on a long list of issues that still need to be concluded,
according to a draft statement seen by AFP.
BSS/AFP/HR/1330