The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Opinion

Asia’s RCEP a reminder that trade goes on despite the pandemic

Trade deal brings together 15 Asian nations; banks jostle to benefit.

RCEP-summit-Vietnam-Nguyen-Xuan-Phuc-R-960x535.png
Vietnam's prime minister Nguyen Xuan Phuc chairs the fourth RCEP summit

It is easy to forget, in this age of closed borders, geopolitical tensions and empty airports, that a landmark trade agreement was signed in November.

The regional comprehensive economic partnership (RCEP) brings together 15 Asian nations covering 30% of the world’s GDP and 27% of global trade.

It also marks the first time that China, Japan and South Korea have been part of the same trade deal; India’s not in it, for fear that its industries would be hammered by cheap Chinese exports, but it is welcome to join.

There are echoes with the previous proposed agreement, the Trans-Pacific Partnership (TPP), in 2016, coinciding as it does with a US election.

The first thing president Trump did upon taking power was to pull the US out of the TPP, but trade deals have simply gone on without the US – and with China. That’s geopolitics.

UOB-Vietnam

So, what does it mean for the banks?

RCEP was clearly in the background when Singapore’s UOB announced a memorandum of understanding with Vietnam’s Foreign Investment Agency on Friday.

The


You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree