The fourth round of negotiations will focus on areas that go beyond traditional tariff concessions to deepen trade cooperation and integration. APTA members are currently negotiating three framework agreements on trade facilitation, trade in services and investment. In addition, APTA members exchange information on non-tariff measures. Chinese Premier Li Keqiang celebrated the signing of the agreement in a speech at the summit and said, “The signing of RCEP is not only an important milestone in regional cooperation in East Asia, but also a victory for multilateralism and free trade.” The deal excludes the United States, which withdrew in 2017 from a rival Asia-Pacific trade pact. Chinese President Xi opens up to more trade deals and imports President-elect Joe Biden said on Monday that the United States must align with other democracies to write the rules of global trade — not China. Now that Trump`s opponent, Joe Biden, has been proclaimed president-elect, the region is watching the evolution of U.S. trade policy and other issues. Analysts are skeptical that Biden will push to return to the Trans-Pacific Trade Pact or to reverse many of the U.S. trade sanctions imposed by the Trump administration on China, given widespread frustration with Beijing`s trade and human rights balance and accusations of espionage and technology theft. Green says the U.S.
will “regret” being on the sidelines of two major multilateral agreements. He says this will bring two benefits to China: “First, a narrative in the region will make China the new leader with the most influence on trade and the implementation of rules. And the second is that it will reduce trade barriers with China at a time when the U.S. is doing nothing to reduce trade barriers with the U.S. Australia hopes the trade deal will improve its relations with China, its largest trading partner. The new free trade bloc will be more important than the agreement between the United States, Mexico and Canada and the European Union. Read more: The real winners of the US-China trade dispute The deal is a blow to China, by far the region`s largest market with more than 1.3 billion people, which allows Beijing to position itself as a “champion of globalization and multilateral cooperation” and give it more influence over regional trade rules, Gareth Leather, senior Asian Economist for Capital Economics, said in a report. President Barack Obama defended the Trans-Pacific Trade Pact as a protection against China, which writes the global trade rules for the twenty-first century.