blog




  • Essay / China: advantages and disadvantages of the regional comprehensive approach...

    IntroductionMany countries seek to import and export the goods or services they produce in their country in order to increase the gross domestic product (GDP) or to get the product at a cheaper price. The Regional Comprehensive Economic Partnership (RCEP) is a partnership agreement that will expand the free trade region in major Asian countries and increase its benefits. The Association of Southeast Asian Nations (ASEAN) is the sole sponsor of the RCEP which plans to integrate the “Plus Six”, partners of China, Australia, Japan, India, New Zealand and South Korea, in order to achieve the expansion of free trade. This free trade agreement plans to bring together the three largest economies in Asia in the hope of achieving economic activity with China as one of the leaders. It will also create one of the largest trading blocs in the world. China has one of the fastest growing economies in the world. The country is one of Asia's largest exporters and one of the three superpowers. Centralized around ASEAN, RCEP plans to propose a deeper free trade agreement. The 10 countries involved in ASEAN and the "Plus Six" countries hopefully plan to expand their trade in the region with the RCEP by 2015. Hoping to create the largest trading bloc in the world, RCEP hopes to conclude a regional trade agreement with China, India and Japan, the three largest economies in Asia. However, the more countries involved in an agreement, the more difficult it is to maintain the same conditions that will satisfy and compile with each country. trillion US dollars, RCEP may not gain the entire economy...... middle of paper ......hra, R.. (2013, August 2). In RCEP: Challenges, Opportunities for India. Retrieved April 20, 2014 from http://idsa.in/system/files/artic.pdf Guoqiang, Tang. “Prospects for Asia-Pacific Economic Integration.” China Institute of International Studies. China Institute of International Studies, March 19, 2014. Web. April 28, 2014. . Wignaraja, Gabneshan. “Why RCEP matters for Asia and the world.” East Asia Forum. Np, May 15, 2014. Web. April 29, 2014. . Sinha, Rohit and Geethanjali Nataraj. “Regional Comprehensive Economic Partnership (RCEP): Challenges and Ways Forward.” The Diplomat. Np, July 30, 2013. Web. April 23. 2014. .