Unlocking opportunities: Singapore as a standard-maker in digital trade governance
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THE Regional Comprehensive Economic Partnership (RCEP) came into force last Friday (Jun 2), marking the emergence of the world’s biggest free trade area. Comprising the largest economies in the Asia-Pacific region, including China, the RCEP covers almost a third of global GDP.
Aside from the RCEP, the Asia-Pacific is also at the centre of ongoing Indo-Pacific Economic Framework for Prosperity (IPEF) negotiations, of which the latest round was hosted by Singapore in May.
The conclusion of the IPEF supply-chain agreement talks on May 27 signals the momentum of the US-led economic initiative. Widely seen as a revival of US efforts to pivot to Asia – and to counter-balance China’s presence in the region – the IPEF raises questions about the emergence of multiple or competing trade blocs in the region.
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