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1 1 (November 19, 2019)

handle is hein.crs/govbbvt0001 and id is 1 raw text is: ~%erv',\\\ e The Regional Comprehensive Economic Partnership: Status and Recent Developments November 19, 2019 The Regional Comprehensive Economic Partnership (RCEP) is a prospective trade agreement between the ten members of the Association of Southeast Asian Nations (ASEAN) and five of their major FTA partners-Australia, China, Japan, New Zealand, and South Korea. On November 4, 2019, a Joint Leaders Statement was issued following the conclusion of the 3rd RCEP Summit, held on the sidelines of the ASEAN Summit in Thailand. According to the statenent, 15 of the original 16 Asian countries participating in RCEP have concluded text-based negotiations for all 20 chapters and essentially all market access issues. India, the primary holdout in recent negotiations, announced its withdrawal from the pact, though indicated it may consider rejoining. Despite India's announcement, the other RCEP members indicated that they aim to sign the deal in 2020. The text or exact details of the agreement are not yet public, limiting analysis of its implications, though some members have released general summaries. RCEP moves forward following entry into force of recent mega-regional and bilateral trade deals, including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP or TPP- 11) and the EU-Japan free trade agreement (FTA), whose membership covers significant shares of the global economy and trade. Seven members of RCEP are also members of TPP-11 (Figure 1). Although RCEP is not considered likely to be as comprehensive as other agreements in terms of the scope and depth of prospective commitments, its current members constitute about 30% of global trade and GDP, giving it the potential to restructure some trade patterns in Asia. As these initiatives advance without U.S. participation, Congress may consider how U.S. commercial interests in the region, as well as the U.S. role in shaping trade rules and economic integration efforts in the Indo-Pacific and globally, could be affected. Congressional Research Service https://crsreports.congress.gov IN11200 CRS INSIGHT Prepared for Members and C ornm tees of C ongress -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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