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Around the world

November 13, 2019

The RCEP — a regional Pacific free trade agreement that covers a third of the world’s GDP — is proceeding. India backed out, foolishly, for protectionist reasons, and despite a worrying economic trend there. That Foreign Policy article compares the RCEP to the TPP:

RCEP is less ambitious than TPP, aiming mostly to lower tariffs between member nations and taking some steps to open up trade in services and updates to dispute settlements and the like. But it doesn’t include any of the stringent labor or environmental standards from the original TPP. The shallower nature of the trade agreement, even across such a huge swath of the globe, also means its expected benefits are smaller: about $286 billion, more than the watered-down TPP but less than the original.

Not long past, the US would use its economic clout to push for such standards. It participated in neither.

I suspect Macron is right that NATO has withered on the vine.

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