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Biden keeps Regional Comprehensive Economic Partnership in check

Biden keeps Regional Comprehensive Economic Partnership in check

Posted November. 18, 2020 08:17,   

Updated November. 18, 2020 08:17


U.S. President-elect Joe Biden said Monday (local time) that his country should establish a new trade order with allies against growing influence of China. He is trying to keep the Regional Comprehensive Economic Partnership (RCEP) led by China in check.  

“Under the law, I am not able to begin to discuss with them,” he said on the question on the RCEP at a press briefing held in Wilmington, Delaware. “We make up 25 percent of the world's trading capacity, of the economy of the world. We need to be aligned with the other democracies, another 25 percent or more, so that we can set the rules of the road, instead of having China and others dictate outcomes because they are the only game in town.”  

This is interpreted as an intention to create a new economic bloc with allies including Korea against China. The RCEP is the world’s largest Free Trade Agreement signed by 15 countries including Korea, China, Japan, Australia, New Zealand and 10 ASEAN countries.

Jae-Dong Yu jarrett@donga.com