Fifteen Asian-Pacific Countries Form Powerful Trade Bloc

The Regional Comprehensive Economic Partnership (RCEP) is a significant trade agreement signed virtually, involving 15 countries including 10 Southeast Asian nations, South Korea, China, Japan, Australia, and New Zealand. It aims to lower tariffs and boost regional economies post-COVID-19. The agreement, pursued for eight years, is still finalizing its guidelines. Analysts view it as a strategic move for China to enhance its economic influence and help member countries bypass US tariffs.

Which countries are part of the Regional Comprehensive Economic Partnership?

• 10 Southeast Asian countries, South Korea, China, Japan, Australia, and the USA

• 10 Southeast Asian countries, India, China, Japan, Australia, and New Zealand

• 10 Southeast Asian countries, South Korea, China, Japan, Australia, and New Zealand

• 10 Southeast Asian countries, South Korea, China, Japan, Australia, and India

What is one of the main objectives of the RCEP agreement?

• To increase military cooperation among member countries

• To lower tariffs and boost regional economies post-COVID-19

• To establish a common currency for the region

• To create a political union among member countries

How long has the RCEP agreement been in development?

• Five years

• Ten years

• Eight years

• Three years

What strategic advantage does the RCEP provide to China?

• It allows China to increase its military presence in the region

• It allows China to form a political alliance with the US

• It helps China to strengthen its economic leadership and avoid US tariffs

• It enables China to establish a new currency in the region

What is the potential impact of the RCEP on US tariffs?

• It will lead to a reduction in US tariffs

• It will increase US tariffs on member countries

• It will have no impact on US tariffs

• It will help member countries avoid US tariffs