Urgency’ for Asia Pacific mega trade deal as the US mulls $200 billion tariffs on China

Here’s the quote:

“Tensions between the U.S. and its major trading partners have given countries in Asia Pacific greater urgency to conclude a mega trade deal that would become the world’s largest trading bloc.

The Regional Comprehensive Economic Partnership, or RCEP, would account for about one-third of the global economy when it’s completed.

The 16 countries are made up of the 10 Association of Southeast Asian Nations, plus China, Japan, South Korea, India, Australia and New Zealand.

“By the end of this year, everybody is looking at a very good outcome. In other words, we’re referring to a possible substantial conclusion given the momentum that we’re all having right now,”

“That is a good development, with all these protectionism woes that we see around,” said Lopez, adding that RCEP countries want to show the world that discussions on multilateral trade are still progressing in Asia Pacific.”

Here’s another recent headline:

Does China Have What It Takes to Be a Superpower?

Here’s the quote: emphasis mine…

“Both to boost the long-term prospects of its own economy and to extend its influence, China has embarked on what is probably the most ambitious foreign investment campaign in history. President Xi’s Belt and Road Initiative extends from China to Western Europe and other parts of the world by land and sea. It performs some of the functions of Washington’s large foreign aid budget, but more than that—it has the potential to create longer-term revenue, ties and dependencies. Even if China’s leaders don’t want to become the next global superpower, the need to promote and protect such widespread investments could yet take them there.”

Of course we’re going to hear all kinds of talk about U.S. bilateral agreements, but in terms of leadership, like I said yesterday:

“Clearly, China is picking up where we appear to be leaving off in terms of investing in/taking advantage of the world’s growth opportunities.”