Work on reforms is underway, but without serious engagement from the US and China, things will limp along. The WTO currently is searching for a new director-general.
Beyond first quarter 2021, the recovery should be better in the Asia-Pacific than in the rest of the world. IMF modelling suggests that the development of further trade liberalisation and regional economic integration could lead over time to a 10 per cent growth in Asian GDP. Participating countries are due to ratify this agreement at the end of this year, but the withdrawal of India from the process late last year has reduced the scope of RCEP significantly.
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