Huawei and TikTok are at the forefront of a new drift to regionalism – many others will follow
These agreements are all about further liberalising trade between member states within a region. They do this by cutting tariffs, reducing administrative burdens by mutually recognising one another’s technical standards, harmonising public procurement rules, establishing similar employment levels and environmental protections, and giving easier market access to services.
But just like the US-China conflict has caused difficulties for Huawei and TikTok, this regional approach to free trade creates tensions with the multilateralism of the WTO. Regional trading blocs run against the principle on which the WTO is founded, namely “most favoured nation treatment”. This says that whenever one nation grants a trading concession to another, it should be extended to all other nations in the world.
Yet the fact that we are now going to have rival trade blocs in Asia when RCEP launches at the end of the year suggests that more regionalism could be the shape of things to come. If so, this could further fragment the global trade system.
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