Amid the fanfare of President Biden’s new Indo-Pacific strategy, China flew under the radar and hosted a high-level discussion on RCEP, the world’s largest trade pact.
"Consistent with its support of multilateralism and globalization, China is likely to continue promoting the adoption of RCEP as this grants member states huge market access, which IPEF lacks," Li told CNBCits future Asia-Pacific economic forays by expanding its economic dominance in the region and growing its trade under the RCEP.
"RCEP is the only mega regional trade agreement to which China is a party, and China would likely highlight it," Wang said. "In case anyone doubts the U.S. vision of the IPEF as the RCEP-killer, the White House stated explicitly in the [IPEF] announcement, that: 'Together, we represent 40% of world GDP,'" Gao said.Gao pointed out the symmetry of comments made by RCEP members, especially China, who have been advertising the fact that the RCEP accounts for 30% of world GDP."Meanwhile, China has already gained headways with implementing the RCEP since its launch in January, according to Li.
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