(Kim Kyung-ho – Korea Herald)
South Korea needs a balanced and sophisticated strategy to cope with efforts by China and Japan to take the lead in building a free trade framework for Asia and the Pacific amid the US’ strengthening protectionism, experts here say.
At a summit in Manila earlier this month, the leaders of 16 countries involved in talks on launching the China-led Regional Comprehensive Economic Partnership agreed to complete the negotiating process by the end of 2018.
RCEP encompasses the 10-member Association of Southeast Asian Nations, China, Japan, Korea, India, Australia and New Zealand. Combined, they account for nearly half of the world’s population and almost one-third of global trade and gross domestic product.
Three days before the RCEP summit, Japan and 10 other countries around the Pacific Rim affirmed their commitment to reviving the Trans-Pacific Partnership without the US. Click here to read more.