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East Asia: RCEP to bring China, ROK, Japan into single FTA
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Jan , 2021
China, South Korea, Japan and Taiwan are the four dominant players in textile and garments in East Asia. Taiwan is a technical textile powerhouse; South Korean companies are into manufacturing, with a sizable production base outside their country; and Japan is more into retailing. Let us see how each of these countries fared this year:
China, South Korea, Japan and Taiwan are the four dominant players in textile and garments in East Asia. The Regional Comprehensive Economic Partnership (RCEP), signed on November 15, is expected to come into full effect after at least two years. As the first three nations above have problematic and challenging bilateral relationships, RCEP will be the first trade agreement to bring them together into a single FTA platform. The deal is also the largest non-bilateral trade agreement for China, the region’s largest economy.