Early July saw the Fifth Intersessional Ministerial Meeting of the Regional Comprehensive Economic Partnership (RCEP), with Singapore and Japan acting as joint hosts in adopting the Tokyo Declaration. With this declaration, the participating countries committed to working together to conclude the RCEP negotiations.
Meanwhile, in late July, lead negotiators from eleven Trans-Pacific Partnership (TPP) member states met in Hakone, exchanged information about their own domestic procedures and confirmed a policy of welcoming new members from countries and regions once the TPP goes into effect. At present, the TPP has already been ratified by Mexico, Japan and Singapore. New Zealand and Canada are also expected to follow suit immediately, and the TPP is set to go into effect early next year.
The protectionist trade policy of the U.S. administration of Donald J. Trump has created significant international turbulence. America’s trade war with China, the primary target of the Trump administration’s trade policy, is intensifying. This has led to concerns about a crisis in the liberal economic order, widely credited for bringing global development and prosperity in recent decades.
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