The Limits of the RCEP
The new Regional Comprehensive Economic Partnership, signed last month by 15 Asia-Pacific countries, represents a firm repudiation of the protectionism that has been gaining ground in recent years. But it cannot save the multilateral trading system – and might undermine it further.
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SEOUL – Last month, 15 Asia-Pacific countries signed the Regional Comprehensive Economic Partnership. The occasion marked what might be the most significant economic achievement since the COVID-19 crisis began. And yet the RCEP – or, indeed, Asia – cannot save the ailing multilateral trading system alone.