The Asian Century just got launched! - Pascal's China Lens week 21 PCL

Title: The Asian Century just got launched!
Website: https://www.pascalcoppens.com/

CONTENT
The video explains the relevance of the newly signed RCEP deal between 15 East-Asian countries, excluding India. This new Asian trade bloc is larger than NAFTA, EU or TPP. This sets the beginning of a new era where Asian countries will drive the center of the world's economy.

TRANSCRIPT
Last Sunday on November 15,
all of the East Asian countries except India signed a regional deal which will change the world
and make Asia the strongest economical point in the world for the future and this is very very important to know.
It's called the Regional Comprehensive Economic Partnership (RCEP) and so we should remember this acronym RCEP
because this is going to change how we do business globally,
it's going to give a lot of opportunities but new challenges as well.
Now this is the largest trade deal and trade bloc in the world,
it's 30% of the world's economy, 30% of the population, 2.2 billion people.
India, as I said, bailed out last minute a year ago
because there was too much domestic worry about this trade deal that this wouldn't benefit the local producers.
Now they could still get in later, if they do we're talking about 3.6 billion people and almost 50% of the world's economy.
So this is not just a deal, this is historical.
If you look at the countries that signed it there are all the Southeast Asian countries or Asian countries
from Laos, Burma, Malaysia, Philippines, Indonesia and Singapore, there are 10 of them in total.
Then in the North you have Japan and South Korea,
and these are economically very very strong countries so very important within this trade deal.
In the South completely you have Australia and New Zealand which is quite interesting to watch
because specifically Australia has been very anti-China now in the past years
because of the US, geopolitical problems and human rights.
But they will still sign this trade deal because they know that they are dependent on China
which is the new architect and the center of RCEP and so we're going to see a complete new Asia come to life.
Now to understand why they did this, it took 8 years so a long long time, we have to go back in time.
The first place we have to look at is the Trans-Pacific Partnership (TPP),
a partnership that was architected by the US and that started in 2010.
There were 12 countries in total that were part of it, mostly Southeast Asian countries but also Mexico, Canada and Peru.
So it was kind of spread out a little bit everywhere
but it was like a North American bloc with a Southeast Asian bloc signing a treaty or partnership against China.
This was really to protect the region from China and its economic power and so of course China reacted
and they reacted in two ways.
The first way which we all know very very well is the Belt and Road Initiative and this created a new silk road
through Africa, Middle East, over the sea and over lands
and this created big tensions between Europe, America and China wondering what their real ambition is.
Now that is really only 5 years old and this Belt and Road Initiative have had a lot of challenges to deal with.
The second way is what we're talking about now, the RCEP,
this regional deal in Asia and this is something that is being built for 8 years
but specifically when the US bailed out of the Trans-Pacific Partnership in 2017 under Trump.
Trump didn't want to be part of that anymore because he wanted to bring the jobs back to America.
At that point China saw its opportunity to really take over the RCEP partnership agreement
and really architect it in their favor and they did so.
So bailing out from the US created a void for China to replace them in the RCEP.
So I think the Belt and Road is one thing, it's an ambitious plan
but on the other hand the RCEP is really what it's all going to be about and so the question is: what is Biden going to do?
Because when he's president in January, will he join the TPP again?
In the meantime it has a different name, it's called CPTPP so it's it's very complicated acronym
but it's basically a Comprehensive and Progressive Trans-Pacific Partnership
which means that it's the same as before just without the US.
So having the US come back, are they going to drop these first two letters of this acronym? It's not going to be easy.
One of the reasons is that the US regardless of Biden or Trump has been very anti-China in its rhetoric,
democrats and republicans the same.
So I'm not sure if these countries in Southeast Asia want to have a fox in that area.

KEYWORDS
Pascal Coppens, China, innovation, trends, keynote, speaker, public speaker, RCEP, TPP, Asian century, BRI

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