Hey, Check this out! Trading Bloc

 Blake Peterson

Mr. Roddy 

GPHC

9 December 2020

 China and 14 Other Countries Agree to set up Worlds Largest Trading Bloc 

14 countries have recently agreed to a trade bloc that is meant to help the economy recover from the impact of the coronavirus. The conclusion of RCEP negotiations supports ASEAN’s leading role in supporting the mutual trading system and the coronavirus recovery. The countries involved in the new agreement include the 10 member association of the South East Asian nations as well as China, Japan, Australia, South Korea, and New Zealand. The deal was signed during the annual summit of the 10 member association of southeast Asian nations. The deal represents Asia’s commitment to multination efforts towards free trade. With the new accords, the tariffs on goods between member countries will become even lower. China is especially benefiting from this deal because they now have greater influence over regional trade. Chinese officials have said that the new agreement is a victory for multilateralism and free trade. 

One of the other topics this article talked about was whether or not Biden will rejoin the Trans-pacific trade pact and decrease restrictions on China. Some people argue that Biden isn’t going to increase trade relations with Asia because free trade agreements usually cause companies to move their manufacturing overseas, which would decrease jobs in the United States. Others argue that because Chinas influence continues to grow Biden might try to increase the influence of the United States in trade to help protect the United State’s interests. If Biden were to decrease restrictions on China it might send the message that the U.S isn’t going to be as tough on  China about human rights violations, which could cause the Chinese government to increase the violations of human rights, without having to worry about trade sanctions. 

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