Both the U.S.-backed Trans Pacific Partnership (TPP) and the Chinese-backed Regional Comprehensive Economic Partnership (RCEP) offer a blueprint for the future of Asia-Pacific growth. While they may have competing ideas about the region, they could end up being complimentary.
When it comes to visions of the Asia-Pacific region there are two names in town:
First there is the recently agreed to TPP that consists of 12 countries, including the U.S. but not China. Then there is The Chinese-backed RCEP that consists, for now, of 16 countries. Seven of which are also part of the TPP, but RCEP excludes the U.S., but includes India.
RCEP would cover faster growing countries with nearly 50% of the world’s population.
China has expressed interest at joining the TPP in the future. Depending on how trade and investment in the region grow, the two trade groupings could grow to compliment each other, and even merge.
What unites the two visions now is the belief that Asia will be the engine of global growth in the 21st century.
CCTV’s Nathan King reports from Washington.
TTP and RCEP offer blueprint for the future of Asia Pacific growthBoth the US backed Trans Pacific Partnership (TPP) and the Chinese backed Regional Comprehensive Economic Partnership (RCEP) offer a blueprint for the future of Asia Pacific growth. While they may have competing ideas about the region, they could end up being complimentary.
- TTP accounts for 13 percent of world trade, RCEP for 12 percent.
- TTP would account for 40 percent of global GDP, RCEP for 29 percent.