Three pillars for a US trade strategy in Asia-Pacific
After four years of the Donald Trump administration’s piecemeal approach to trade with Asia-Pacific, the US now finds itself on the outside of the region’s most important trade agreements, and in a difficult position to re-engage with key players for global economic growth, security, and technological innovation.
As the US sat on the sidelines, other major players – especially the European Union (EU) and the UK – have marched forwards in negotiating free trade agreements with key partners in the region. Meanwhile, regional integration in Asia-Pacific has advanced.
The Regional Comprehensive Economic Partnership (RCEP) – a trade deal between 15 Asia-Pacific nations including China struck in late 2020 – and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) – an agreement between 11 countries following the US withdrawal from the more ambitious Trans-Pacific Partnership (TPP) – are the two biggest elements of the new Asia-Pacific trade architecture, and the US is part of neither.… Seguir leyendo »