In this context, the idea of regionalisation has unsurprisingly gained traction. Many supporters of regionalism, however, mistakenly equate it with shifting away from China.
For the US, further developing regionalised supply chains can be difficult. The North America Free Trade Agreement and its new formulation under aU.S.-Mexico-Canada Agreement signing in Mexico City. RCEP involves all 10 ASEAN member countries and five of its largest trading partners, aiming to progressively reduce tariffs on many products within the huge regional trade bloc. CPTPP, on the other hand, involves eleven countries from the Trans-Pacific region.While neither was originally planned to be East Asia-centric, circumstances have led to both deals entrenching greater economic regionalisation in this part of the world. India opted out of RCEP in November 2019.
Looking ahead, Singapore should focus efforts in promoting trade in services. The country’s total merchandise trade decreased by 3.2 per cent in 2019, but total service trade increased by 1.3 per cent.
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