Written by: Potato
Translated by: billwilliam
As Xinhua News reported on November 4, 2021, the Secretary of the Association of Southeast Asian Nations (ASEAN) recently announced that the Regional Comprehensive Economic Partnership Agreement (RCEP) has reached the stage to take effect. The agreement will be effective on January 1, 2022, for the ratifier countries, including six ASEAN member states (Brunei, Cambodia, Laos, Singapore, Thailand, Vietnam) and four non-ASEAN member states (China, Japan, New Zealand, and Australia).
The news article describes that as the agreement takes effect, it will further promote free trade in the region and stabilize the industrial supply chain. The agreement will promote Communist China’s further opening to the outside world, provide more development opportunities for ASEAN and the world, and deepen regional economic cooperation in East Asia. The members will collaborate in economic recovery and prosperity after the pandemic, thus benefiting the countries and people in the region and making new contributions to the construction of an East Asian Community.
However, RCEP is in fact already a failed trade agreement because India pulled out halfway through the negotiation. Japan reluctantly agreed to join under various pressures but set many unfavorable barriers to Communist China. Before RCEP is ratified, Communist China and ASEAN have signed free trade agreements with Australia, New Zealand, South Korea, and other countries, and therefore Japan and India’s attitudes are a determining factor on the success of RCEP. Now without India, RCEP is a useless trade agreement without major breakthroughs, and the agreement only serves to save face for Communist China. On the other hand, we have reported that Communist China wants to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which is a trade agreement that offers profitable opportunities. Regretfully, the United States under President Trump withdrew halfway through the negotiations. Now Singapore and Japan hope to continue CPTPP by recruiting other countries. Even without the US, other CPTPP members probably won’t accept Communist China since the regime has no credibility over important items like market access for services.
As Communist China encounters internal and external troubles, the RCEP trade agreement with Southeast Asian countries is only an attempt to distract from the regime’s domestic economic problems. However, political infighting within Communist China has accelerated the pace that global markets decouple from the regime, whose struggles are futile.