The paper "Regional Comprehensive Partnership - Association of South Eastern Nations " is a perfect example of a micro and macroeconomic case study. Regional comprehensive partnership (RCEP) is an Association of South Eastern Nations centred proposal for a regional free trade area, which would initially include the ten ASEAN member states and those countries which have existing Free Trade Agreements with ASEAN; Australia, China, India, Japan, Republic of Korea and New Zealand. Its objective is to achieve a comprehensive high quality and mutually beneficial economic partnership agreement that covers trade, investment, economic and technical cooperation, intellectual property, competition and dispute settlement among others. The negotiations are done by the member states so as to ensure the interests of each specific state are accommodated since it comprises of different states with their own policies which may not be contrary to those of others.
Through the negotiations, member states agreed on the elimination of tariffs and non-tariff barriers on trade in goods among the member states and to eliminate restrictions and discriminatory measures towards trade in services among RCEP participating countries. Economic and technical cooperation negotiations will help in narrowing development gaps among the parties and thus maximizing the mutual benefits of the RCEP agreement. Through the establishment of shared norms, members will tend to cooperate as opposed to rules set by only one state which may not be very friendly to another state.
The negotiations by member states are vital for the continuity of the regional partnership. Also, terms of operation are negotiated to avoid conflicts which may arise among the participants. All the parties’ interests have to be considered since some states are more powerful and may enforce terms that only favors them while other states may not be enjoying the benefits of the association thus creating division. The RCEP is driven by the member states’ desire to achieve maximum economic and political integration.
The leaders of the ASEAN are less likely to engage in disputes and this promotes political stability in the region.
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