Mega-FTAs used to play two roles in order to partially supplement the slow-moving World Trade Organization (WTO): promoting further liberalisation and establishing new international rules. With the recent turmoil in the international trading regime due to the loosening policy discipline and the US-China confrontation, a couple of new roles have been added, i.e. reducing policy risks and forming a pro-trade middle-power coalition. How can we assess and effectively utilize the Regional Comprehensive Economic Partnership (RCEP) from such a perspective?
Last updated on 09/02/2021