Unlocking opportunities: Singapore as a standard-maker in digital trade governance

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.