Major Trade Agreement In October 2019

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China and Mauritius signed a free trade agreement on October 17. It is China`s first free trade agreement with an African nation. The agreement will allow Mauritius duty-free access to some 8,547 products, or 96% of China`s tariffs. China and Mauritius eventually committed to zero tariffs at 96.3 per cent and 94.2 per cent of the jobs traded. These account for 92.8% of the volume of imports for both countries. The Free Trade Agreement between China and Mauritius contains clear guidelines on rules of origin, trade evidence and technical barriers to trade, as well as health and plant health issues. RCEP members make up nearly one-third of the world`s population and account for nearly 30% of the world`s gross domestic product. The new free trade bloc will be larger than the agreement between the United States and Mexico and Canada and the European Union. [17] In 2007, the total GDP of potential RCEP members exceeded that of members of the Trans-Pacific Partnership (TPP). It has been suggested that sustained economic growth, particularly in China and Indonesia, could reach more than $100 trillion by 2050, about double the size of projects in the TPP economies. [18] On January 23, 2017, President Donald Trump signed a memorandum that removed the United States from the TPP, a measure designed to improve the RCEP`s chances of success.

[19] The agreement aims to cover issues relating to goods, services, investment, economic and technical cooperation, competition and intellectual property rights. The Comprehensive Regional Economic Partnership (RCEP) is a free trade agreement between Asia-Pacific countries, Australia, Brunei, Cambodia, China, Indonesia, Japan, Laos, Malaysia, Myanmar, New Zealand, the Philippines, Singapore, South Korea, Thailand and Vietnam. Starting in 2020, the 15 member countries represent about 30% of the world`s population (2.2 billion people) and 30% of global GDP ($26.2 trillion), making it the largest trading bloc in history. [2] The unification of existing bilateral agreements between ASEAN and five of its major trading partners was signed on 15 November 2020 at a virtual ASEAN summit hosted by Vietnam and will enter into force as soon as it has been ratified by at least six ASEAN signatories and three non-ASEAN countries. [3] [5] The trade pact, which includes a mix of middle-income countries [Note 1] and low-income countries[Note 3], was developed at the ASEAN summit in Bali, Indonesia in 2011, when its negotiations were officially initiated in Cambodia at the 2012 ASEAN summit. [6] [7] It is expected that within 20 years of entry into force, approximately 90% of import duties between its signatories will be removed and common rules are established for e-commerce, trade and intellectual property. [9] Uniform rules of origin will help facilitate international supply chains and reduce export costs across the bloc. Japan-Turkey Economic Partnership Agreement The seventeenth round of negotiations on the Japan-Turkey Economic Partnership Agreement (EPA) was held from 30 September to 4 October in Tokyo, Japan. Discussions included trade in goods, trade in services, investment, health and plant health measures (SPS), rules of origin, technical barriers to trade (OTC), intellectual property, e-commerce, public procurement, customs procedures and trade facilitation. The EPA negotiations were launched in 2014 following the Japan-Turkey summit. Japan is Turkey`s main partner in the Asia-Pacific region. The RCEP will be the world`s largest free trade agreement (FTA) measured in terms of GDP, larger than the Comprehensive and Progressive Agreement for the Trans-Pacific Partnership (CPTPP), the European Union, the recent U.S.-Mexico-Canada free trade agreement or Mercosur.

They stated that India had planned to change the base year for the implementation of tariff reductions under the 2014 to 2019 pact, as it increased the