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As the largest trading bloc, RCEP offers tariff adjustments, dispute settlement mechanisms and trade remedies that induce better cooperation and commitment to achieve common objectives. All ASEAN members and five external partners — Australia, China, Japan, South Korea and New Zealand — have signed it.
Taiwan has signed a memorandum of understanding to expand “economic prosperity” in a meeting with U.S. officials in Washington, on the path to a bilateral trade agreement.
The Chinese president boasted about the role China will play in solving major global crises while preaching the benefits of free trade. He was talking in the aftermath of the signing of the world's biggest trade deal.
With the TPP axed, RCEP has quickly become the most crucial trade agreement in the Asia Pacific. But to succeed, RCEP must prove itself as an agreement that can successfully link the interests of countries at various stages of economic development.
Ma says it’s important for Taiwan to take similar actions to sign trade agreements, which is becoming a world economy trend, especially during these times when the function of WTO is weakening and many countries are signing bilateral trade agreements.