This website uses cookies to ensure you have the best experience. Learn more

China: Pros And Cons Of The Regional Comprehensive Economic Partnership

1408 words - 6 pages

Daquan Hatcher
Australia - RCEP
Introduction:
The Regional Comprehensive Economic Partnership (RCEP) agreement is an arrangement for free trade that encompasses the ten members of the Association of Southeast Asian Nations (ASEAN) and joins them with their six free trade agreement partners. Although, the RCEP was first proposed in 2011, during the 19th ASEAN summit held in Bali, Indonesia, it wasn’t until 2012 during the 21st summit in Cambodia that joint declaration for the launch of negotiations formally began. During this summit, the leading members of ASEAN and the “plus six” partners sanctioned the guiding principles and objectives for negotiating the RCEP. These such negotiations resulted in eight guiding principles that included trade in goods, services, intellectual property, technical and economic cooperation (including, investment, competition, dispute settlement and other issues (ASEAN). Thanks to the successful first round of negotiations that began May 2013 in Brunei, three more rounds of negotiations ensued with the most recent of which occurring April 2014 in China.
The overall aim of the RCEP negotiations is to accomplish a comprehensive and modern economic partnership that demonstrates high-quality and a visible, mutual benefit to all of the countries involved. Theses participating countries account for around 48% of the world population (approximately 3.5 billion people) and about 30% of the global GDP. These countries hope to finalize and conclude all current negotiations by the end of 2015 to ensure healthy economic growth amongst its partnering members. Australia, as well as the other 15 countries that encompass the RCEP, has great potential to receive many significant opportunities delivered by the completion of a successful agreement.
Data/ Analysis:
Nine out the 12 countries that make up Australia’s top trading and investment partners (Thailand, Malaysia, India, Japan, Indonesia, China, R.O.K., Singapore and New Zealand) have also been partaking in the recent RCEP negotiations. The ASEAN nations, together with the plus six participating countries, attribute to nearly 60 percent of Australia’s two-way trade and approximately 70 percent of its goods and services exports, which is now valued at $358.3 billion (DFAT). During the past ten years of trade with ASEAN and its other five FTA partners, Australia has seen a notable annual growth of 10.6 percent and an overall annual growth of 7.8 percent in its two-way trade. Australia’s economy also stands to benefit in its manufacturing, services, resources and agricultural sectors from their recent investment and trade interests with the RCEP.
Although, Australia’s existing relationship with the major members of the RCEP remains to be a strong one, the absence of a formal investment and trade policy has created extensive barriers for Australia’s investors, service suppliers and goods exporters. More specifically, these barriers have affected trade in goods by remaining substantial...

Find Another Essay On China: Pros and Cons of the Regional Comprehensive Economic Partnership

Economic growth pros/cons Essay

565 words - 2 pages Increased government expenditure from income tax on investment in education/training of workers ( such as university) means the labour force overall has a better set of skills thus their productivity increases leading to a growth in real GDP and ultimately a rise in economic growth. Expansionary fiscal policy-Lowering income taxes means that consumers real incomes rise and so does their purchasing power. This leads to an increased AD

The Essay Is About The Pros And Cons Of Various Economic Systems And The Governments Influence Within Them. The Title Can Be Stated As: To What Extent Should The Government Regulate The Economy ?

1671 words - 7 pages In a public enterprise economy, the government has the power to nationalize any or all industries which can lead to devastating consequences. One the countries famous for doing this was the Soviet Union. Joseph Stalin, the then dictator of the Soviet Union instituted two domestic policies that would eliminate any capitalism in Russia. He would institute rapid industrialization and the collectivization of agriculture.This would be known as the

The Pros and Cons of the Internet

1219 words - 5 pages The computer has had a tremendous impact on society as we know it. It gives a voice to those who cannot speak and those who cannot breathe on their own receive mechanically computerized help. The computer has given us many wonderful things used for wonderful purposes, but there are vast ways in which these things have been misused by our people. One of these things is the internet and a common way it is misused is by way of plagiarism

the pros and cons of globalization

2175 words - 9 pages Explain globalization. Include the pros and cons of globalization and provide examples to support what you identify as pros and cons. Globalization can best be defined as the shrinking of our world. As technology advances the gaps between Countries is closed, and our society as a whole becomes more integrated. Globalization is something that has been occurring for thousands of years, with one early example of Globalization being the use of

The Pros and Cons of Imperialism

531 words - 2 pages hand, the new imperialism was the period between the years “1870-1914”, where Europe became more focused on expanding their land into Asia and Africa. Imperialism had many pros and cons. In addition, it also had many causes led by the feeling of nationalism. Several significant causes led to the rise of imperialism in Europe. Economy played a role in the rise. For instance, many nations demanded more natural resource that they did not have on

The Pros and Cons of Social Media

1719 words - 7 pages use of social media does not turn into social dysfunction. Works Cited Birnie, S. A. and Horvath, P. (2002), Psychological Predictors of Internet Social Communication. Journal of Computer-Mediated Communication. Carey, Dachary. "Online Social Networking Pros and Cons." Life123. Web. 16 Feb. 2014. . "Conformity: The

The pros and cons of immigration

1400 words - 6 pages American Society 2013/2014 Zuzana Ďuržová Mid-Term Essay - The pros and cons of immigration Immigration is the movement of people between countries. People are moving from their home country to search for better opportunities, career or education a chance for better life. People are looking for business opportunities, experience, or may have personal reasons such as family or marriage. If I we are talking about positive and negative aspects

The Pros and Cons of Social Media

1082 words - 5 pages , and take advantage of others (The Pros and Cons). Additionally, there are a large number of children being harassed and stalked by online predators. “They target both boys and girls of all ages and use the anonymity of the internet to their advantage, since they can be whoever they want. Many are master manipulators with skills that can cripple any child’s sense of awareness (The facts About Online Predators).” Lastly, less face-to-face

The Pros and Cons of Ethnic Identification

832 words - 3 pages system of regional autonomy in minority areas. In order to implement the Law on Regional National Autonomy, since 1991 China has formulated more than 20 regulations (Government white papers). Each racial group must also have a charismatic representative so that individuals find themselves involved in social life. In the United States, ethnic groups participate to surveys and censuses. In Lebanon, Armenians become deputies. Canada’s francophone

Pros and cons of the promotional mix

972 words - 4 pages which is advertising, personnel selling, sales promotion and public relations tools. No matter how good a strategy or a plan is perform; advantage and disadvantage are surely to exist. The main purpose of conducting this literature review is to precisely identify the advantages and disadvantages of the four elements. One of the most popular promotional elements that company usually us is the advertising, but before we look into the pros and cons

The Pros and Cons of Gene Alteration

2314 words - 9 pages The Pros and Cons of Gene Alteration Abstract A new epidemic in human reproduction is slowly sweeping the earth, and it is known as human gene alteration. It gives parents the ability to decide their babies' sex, hair color, or even eye color. Creating these so called "designer babies" seems like the perfect way to have the child you have always dreamed of. But is this a moral way to go about reproduction? Is it fair to these children

Similar Essays

China: Pros And Cons Of The Regional Comprehensive Economic Partnership Part 1

1502 words - 6 pages advantages of the Regional Comprehensive Economic Partnership is that China will experience lower trade barriers. The benefit of lower trade barriers is that costs will be lower so China will be able to produce its products for cheaper than they previously did. Another benefit of lower trade barriers is that prices will go down. When prices go down, consumers tend to consume more and this could have a major impact on China’s profits. The lower

The Pros And Cons Of A Having A Partnership With Your Company

1556 words - 6 pages in the business, then they need to find ways to fix it. A company must be honest about the choices that they make or there will be problems in the future. Companies that form partnerships with other people must stick to the contract because it is a part of your partnership. The trust of another company is important and if it is broken then you and the company could be in serious jeopardy. A business that I would like to pursue is my own writing

Canada: Discuss Pros And Cons For Joining The Trans Pacific Partnership

1286 words - 6 pages countries would not only boot Canada’s economy, but their partner’s as well (Trans 2013). Jagdish Bhagwati, a professor at Columbia University gave a presentation regarding the pros and cons in regards to the Trans- Pacific Partnership Trade Agreement (Corporate 2012). This is just one lecture in a series of presentations looking at all the different economic viewpoints on the Trans- Pacific Partnership Trade Agreement. In addition, the Trans

China: Economic Growth And Regional Development

4286 words - 17 pages province.Source: Rising Regional Inequality in China by Sabyasachi Mitra - A Research noteMost of the rest of the money went to other locations up and down the coast. Inland, and indeed in some places along the coast, the flow was just a trickle. The resulting rapid economic growth in the coastal provinces continued to widen the gap between the coastal and the interior regions. The so-called "preferential policies" extended to the coastal regions