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The Trump administration’s strategy of isolating China and separating it from the global value chain has failed

On November 24, the Spanish newspaper El Mundo published an article titled “How the WORLD’s largest agreement, RCEP, represents the dawn of the” Asian Century “, arguing that the RCEP agreement shows the failure of the Trump administration’s strategy of isolating China and separating China from the global value chain. The full text is excerpted below:On November 15, 2020, the Regional Comprehensive Economic Partnership (RCEP) was signed, and giant merchant ships from China and 14 other Asia-Pacific countries set sail.

The RCEP has become the world’s largest trade bloc, bigger than the US-Mexico-Canada agreement or the EU.Many Chinese analysts have begun to call the RCEP “the dawn of the Asian century”. Preparations for the agreement have been under way in Asia for nearly a decade, and its main architect is China. China has won the loyalty of its southern neighbours with loans, Bridges and airports.

On the other side of the Pacific, in the US, an overly protectionist President takes office. Washington’s Asian Allies are unhappy that Donald Trump pulled the United States out of the Trans-Pacific Partnership (TPP) trade deal at the start of his presidency in early 2017.

American influence in the region is waning, giving way to Chinese power. At the last Asean summit in Bangkok, U.S. Commerce Secretary Wilbur Ross repeatedly reaffirmed Washington’s “comprehensive commitment” to the Indo-Pacific region. However, in the face of Mr Trump’s absence, the Chinese delegation took centre stage at the summit. The US’s multilateral reputation has been eroded as ASEAN leaders see Mr Trump’s decision to send a low-level official to the asean summit as evidence of his neglect.Fifteen countries, including China, Japan, South Korea, Australia, New Zealand and the 10 members of the Association of Southeast Asian Nations (ASEAN), are working together to lower trade barriers. The RCEP will in future eliminate import tariffs of up to 90 per cent between signatories and will establish common rules on e-commerce, financial services, telecommunications and intellectual property.The agreement means that, once it enters into force, it will become easier for member States to manufacture and sell their products in the region.

Deborah Elms, founder of The Asia Trade Center, explained: “Businesses can be created and sold with just a piece of territorial proof, rather than having to follow various forms and rules. That means it will be more difficult for American and other companies to compete in Asia.”Liu Kuikui, a Beijing-based international trade and transport consultant, sees the inclusion of US Allies such as Japan and Australia as a sign that protectionism and Washington’s economic hegemony are increasingly losing their support, even among their traditional partners.”The United States is increasingly marginalized in Asia and has lost its voice in Asia’s economic issues,” he said.

Uri Dadish, an analyst and director of the International Economic Policy Institute, a think tank, said the RCEP agreement shows that the Trump administration’s strategy of isolating China and separating it from the global value chain has failed.”China’s manufacturing sector is now almost twice the size of the United States and growing at about twice the rate of the United States,” Said Dadish. “It’s hard for China’s neighbors to ignore the fact.”Eswar Prasad, a professor of economics and trade policy at Cornell University and former head of the INTERNATIONAL Monetary Fund’s China division, explains in Time magazine that RCEP will create new difficulties for Joe Biden’s new administration to reverse the consequences of the Trump administration’s four-year retreat from multilateralism.”The trade agreement will bind the signatories more closely to the economic destiny of China,” Prasad said.

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