MELBOURNE (Reuters Breakingviews) – Any bit of cooperation between nations is welcome in a fractured world trending toward isolationism. That’s the low bar just cleared by the Regional Comprehensive Economic Partnership, a pact to ease the buying and selling of goods among 15 Asia-Pacific nations. Even the modest progress makes all too clear the sad state of global trade affairs.
The deal signed virtually over the weekend has been eight years in the making. Some of the elements are symbolically significant. The bloc covers about 30% of the world economy and population, more than any other trade agreement. Regional rivals China, South Korea and Japan also have joined together in such an accord for the first time. And although the group will miss India’s presence, binding Indonesia, Australia, Thailand and the rest closer is no small feat.
The deal signed virtually over the weekend has been eight years in the making. Some of the elements are symbolically significant. The bloc covers about 30% of the world economy and population, more than any other trade agreement. Regional rivals China, South Korea and Japan also have joined together in such an accord for the first time. And although the group will miss India’s presence, binding Indonesia, Australia, Thailand and the rest closer is no small feat.Reuters News
