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15 countries sign RCEP, the world’s largest trade pact

15 countries sign RCEP, the world’s largest trade pact

15 Asia-Pacific nations have signed one of the world’s biggest trade pacts, the Regional Comprehensive Economic Partnership (RCEP). The deal aims to broaden and deepen economic linkages, ease trade, facilitate the flow of foreign investments, and enhance protections in areas such as intellectual property. RCEP members account for 30% of the world’s economy.

Fareem
Fareem
Chris
Chris 2 months

Its finally here! Cant even guess the number of times I had posted comments about China forming its own trading platform and its parallel pulling away from economic dependence to the US. It certainly goes back to the Bush administration. It's not that the US didn't know but their tactic was to try amd destabilize China as the answer to solving the otherwise loss of economic dominance. I have oft predicted that the Yuan is likely the replacement to the US dollar as the central unit of exchange and that Russia will be part of the economic development in providing the physical trade route. At a later date we will also see the eventual removal of US troops in Japan. I understand China holds a a considerable amount of US debt and estimates put it around a trillion dollars which if China decided at any juncture suitable to sell them off wholesale woukd serious damage the US economy. A normal procedure for countries to hold debts of another but if in cases of tensions (from Trump in this case has almost certainly sped up China's current at least 20 years old plan means any sign now of aggression which they think is imminent they will off -load these debts to seriously affect their economy and be in no capable state to be telling a greater superpower what to do. This was always the problem that western leaders generally have always looked to military power over other means on everything since WWII. This is why I've been a heavy supporter of the EU with its niggles or falings in some areas because the trading inner trading market alone outweighs any rival situation and the more crucially means keeping a balance of economic powers that will inevitably form, and now has! Indeed Trumps policy of "America first" both in name and practice has truly dropped the ball for China to leap further ahead economically and almost by default has lessened its grip on economic dominance by an equal amount. So this is dangerous because this part is not about politics per se, but desperate act by the US that can open up a war which I believe it can not win to change the world back to yesteryear. Now its Biden actually being hindered by Trump when trying to figure with a clear head what to do. Not that he'll hear me, but on the billionth of a chance "Joe, stick with economic deals on a twenty year plan to simultaneously improve the american nation's lot while bettering international relations via FAIR trade." What puts America in this postion is short term thinking. Same for Britain leaving the only block around for composite economic strength at a time when its most needed, and both US and Britain need to strike cross party agreements in their respective political systems in order to establish a 20+ year strategy and no time to waste.

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