President elect joe biden has laid out his plan to revive the u. S. Economy. But stress that coronavirus must 1st be brought under control and he warned, lives are at risk. If donald trump continues to resist cooperating with the transition team, more people may die. If we dont coordinate book my chief of staff, ron klain, and all vaccines important solution to your vaccinated. So how do we get the vaccine . How do we get over 300000000 americans actually once again, its a huge, huge, huge undertaking. The u. S. National security adviser says hed like to see the blockade on council resolved. Within 70 days. Brian said a 1st step would be for saudi arabia and bahrain to fully reopen their space to crawl. Former World Bank Official francisco has been chosen by congress to be the new interim president. The said National Leader in a week to gust assumes the presidency ahead of elections called for april. It here appears. Government is sending more troops to the Northern Tier grey region despite International Calls for mediation. Hundreds have died in the conflict which began almost 2 weeks ago. Thousands of armenians have marched through the capital yerevan demanding that Prime Minister nicole resign as widespread anger about the deal he signed to end fighting in the disputed region of nickel in a cutback. The agreement secured more territory for neighboring by john. Those are your headlines. The news continues here on out is there often side story 15 countries have signed the Worlds Largest retreat agreement. China is in the united states. So why is the Asia Pacific Partnership so important, and how will it help the regions economy . This is inside story. Welcome to the program. A 3rd of the Global Economy comes under the new Regional Comprehensive Economic Partnership, or asset china, 10 Southeast Asian nations, along with south korea, japan, australia, and new zealand have signed up. The u. S. Is excluded, leaving china as the dominant economy in the bloc will bring in our guests in a moment 1st, this report from Florence Louis in kuala. After 8 years of talks, the Regional Comprehensive Economic Partnership or ourselves, is finally signed, meeting virtually because of the pandemic. Leaders from 15 countries including china, japan, and 10 members of the association of Southeast Asian nations, into the agreement in their respective countries. The conclusion of our separate negotiation, the largest Free Trade Agreement in the world, will send a strong message that affirms as leading role in supporting the multilateral trading system, creating a new trading structure in the region. Its an ambitious deal covering nearly 30 percent of Global Economic output and a 3rd of the worlds population. The agreement aims to lower tariffs and open up trade and investment in stages. It will provide a Simpler Trading framework, meaning businesses wont have to navigate separate requirements to export to Different Countries. China is the biggest member in the trading block. Its importance in the region grew even more after the u. S. Led by President Donald Trump pulled out of the trade pact in 2017. That deal then known as the Transpacific Partnership would have been the biggest trade deal in the world. Analysts say china is now poised to extend its influence even further. Does not mean that things are going to change overnight, dramatically, but as things unfold over the future and new issues come up that need to be, im also going to be one of those times and simply because im a member and of course, charmers largest member does i think charmin, a very influential position by the future development of trade in the region. This is also the 1st to free trade deal between rival east asian countries. China, japan, and south korea. The deal falls short in some areas. Member states one day able to agree on some of the provisions on a come us. The agreement also does not include environmentalists, the texans, or set labor standards. The pact will come into force once enough, Member States ratified the agreement domestically. A process that could take up to 2 years, Florence Louis aljazeera kuala lumpur. Lets bring in our guests in kuala lumpur. We have far, kim bank, the founder of the strategic pan, indopacific arena, think tank. And hes also the former director of political and Security Community in the asean secretary at in london. This lever senior economist at capital economics, where he specializes in emerging markets and asian economies. And joining us from washington, d. C. Is stan boyd, a resident scholar at the American Enterprise institute. Welcome to you all. Ill start with you. Kim, bang were quiet. China is clearly the biggest economy in this group in what are its priorities now that this deal is signed . Why is china so in favor of it . Were the headlines all over the world or seems to be accurate in the believe that china will be gaining from this agreement because its the largest agreement Free Trade Agreement ever. It comprises 30 percent of all the g. D. P. In the world. But having sits, or china is an economy that is all saw trying to, cant fully navigate its way into the future in light of the pandemic that it just came out from. And also the pandemic which might become and that it would out the world in spite of what we have seen in face a bio and or even modern where vaccine has been. Ephesians series of more than 92 to 94 percent. So all china is actually very secure. And very seat in its own cookoo. However, china is a country that relies immensely on globalisation to benefit for our all that from, from all the benefits of retreat, if i may put it that way. Ok, so china can gain from it. However, if we look at what the chinese leadership had agreed on the feet planted on october 29th just a month ago, they have basically come out. Weve planned a 5 year plan to try to china into an economy that can provide high quality growth. And its not state that in the communique of the field plan, im but at the back of the mind of all the Decision Makers and the economic plan, as in china, they have 100. 00 smart city plans already in the works. Ok. Now, if we look at that in the context of what we, what we have achieved today across the region, which is our step. We could come clue that we are eating a few steps behind china because china has already come up with our plans to net to steer its economy, follow it. And it has also be gone beyond the regular deregulation. But our set is something that focuses more on the old economy, where even the Electronic Commerce was not given significant and persists except the reduction of carrier. Ok. I mean of all right, let me bring in the us, can bang. What do you think chinas priorities might be a counterweight to, to u. S. Influence . Is it more. d political than, than, than economic i think its very much more political than economic that the, this trade is obviously generated a lot of excitement coming as it has on the back of the trade war, which we in the us and shown around, obviously the global pandemic. But all these countries, almost these countries trade quite freely with each other anyway, that tariffs are already very low. So theyre basically going to lower tariffs from, from what were already very low levels to lower them for the economic benefit of this is actually going to be quite small. Its not one of these new age trade deals, like the t. P. P. , which focused on more than which focus a lot more nontariff barriers. So its very much a political thing for china. Its allowing to kind of cast itself as a champion of globalization. Its also allowing to increase employment in asia and kind of take over that role from the u. S. So hes very much a political thing, rather than economic benefits from china suspected stand gareth mentioned there, the t. T. P. The Transpacific Partnership, which the u. S. Intended to be a part of that President Trump quit it. Would you think president elect biden . Want to renegotiate access to the t. P. Pier and how easy would that be . Should he want to try and do that . I mean, i would hope so. Obviously, the narrative here in american politics over the past 5 or so years has been that, you know, to vote for soon to be former president , trump was in part an expression of discontent, about globalization, about about air national trade. And so i think thats made politicians a little more hesitant to support a new Free Trade Agreement. And in fact, president elect biden has said that he will not out of the gate start negotiating new trade agreement. That said, i think at the same time weve seen a rise of concern about chinas role in the world and behavior at home. And so if he were to be or did or d. P. P. Can be framed as really an instrument to isolate china, to reduce its parent influence in the region, then i think its much more politically palatable. I think thats what we should hope for. I think also of course, just like this agreement, the d. P. P. Agreement would have significant economic advantages. I, you know, id be, id hope that President Biden would push for us rejoining, regardless of the geopolitical considerations. But i think the geopolitical considerations are important and in the block of context potentially crucial. Ok again, bang. Gareth was also saying how already tariffs are very low between these countries on many goods. But how difficult is it to bring such diverse economies and cultures from music, from new zealand to laos, for example, together, how do you get an agreement to be any deeper than this one already . Its how difficult is it . Thats a very good question and i agree with my colleagues in the united kingdom, that is, that the benefits are very low. In fact, the research has been done on what the countries can gain out of our set ease, even when the whole agreement is ratify. The g. D. P. The benefits from the g. D. P. Will only accrue to mock a little less than 0. 2 percent for each member state. So its more political rather than economic. Having said so on, this is one of the most difficult agreement to come up with. It has it. As the our commentator mentioned earlier, it took 8 years to reach the, the estates. In fact, i would go even a further bank. The Member States of association of Southeast Asian nations r. C. N. Began the process of negotiating Free Trade Agreement with china. We back in 2002 and only achieving that goal in 2010. So that process also took our 8 years, thats 2002 to 2010. And then 2 years later, the countries decided to x. , especially china, japan and korea, decided to expand size and the scale of the free trade area, which is what we now refer to as our set. Ok, gareth, one significant aspect of this agreement is on the rules of origin. Just give us a very quickly black people understand what rules of origin means and how about will benefit trade within this new group . Yeah, i think this is one of the pretty much the only kind of known tariff benefit that youll see from this. And whereby it means that if a good is imported, a component is imported from one country to another, then sold off to a 3rd. It basically facilitates this trade, the other wives who get caught up in lots of different tariff level. So it should make it a lot easier to establish the kind of supply Chain Networks that you see in china across the region. So this should be some benefit. There, i think the other point to make out as well is that most of these tariff reductions are going to take place over a number of years. Theyre not going to happen straightaway. And theyre also missing out the Agricultural Sector pretty much entirely. So, you know, the benefits from this is going to take a long time to come to fruition. Its not going to provide a can or short stimulus or short term boost to regional growth in any way whatsoever for the u. S. Economy for us export. Is there the rules of origin agreement for this new grouping . Make it harder for us export as its something they should be bothered about. I dont think the us exports will be bothered about this so much, but i think what it does show is that theyre potentially missing out on of the Fastest Growing market in the world. That they spent so much time negotiating the t. V. Both as a counterweight to china, but also as a way to boost export markets. And then fifa trying to kind of unilaterally withdraw on the 1st day in office was a real hammer blow to them. So we interesting to see what biden wants to do regards the trying to maybe negotiate or renegotiate the u. S. Still there. I suspect that, you know, given theres no appetite in congress for further free trade deals, that we probably wont see much progress. And that this is very much a case of wait and see the standard thing u. S. Exporters will suffer because of this new agreement. I mean, i think i agree with, with, with garrett youre right. You have, you have to do affect some of these kinds of regional groupings. One facilitates trade within the grouping. But obviously theres a little bit of divergence of trade that otherwise would have happened with, with 3rd 3rd countries outside of the, the grouping. The, let me, let me go back to something thats come up a couple of times. Now i think that there is a bit of disappointment on how you know, this trade agreement does not extend beyond is sort of, you know, your traditional tariff reductions towards things like labor market or environmentalists regulations. I think its important to keep in mind that that also cuts both ways, right . On the one hand, of course, if you, if you have a deeper dream and that presumably facilitates a more efficient allocation of capital. And there may be equity concerns about the way in which workers are treated and in some countries, at the same time, of course, the more Different Countries are, the greater potential is for gains from trade, right . And so you do, you do have particularly large benefits from Free Exchange when, when countries start from relatively different positions in terms of their regulations, their strengths, their weaknesses. And so i think that thats important to keep in mind that i think theres and we saw that in the renegotiation and of nafta here as well. There is a tendency to try and impose all of your domestic rules on another countries. And thats not always, i think, the way to go from an economic perspective. Ok, kim, buying china and japan. They dont already have any sort of mutual Free Trade Agreement, tokyos, wary of beijings growing military power. Chinas economies overtaken japan. How, how is japan benefiting from this . How might it benefit from this . Well, japan is a grain society. The japanese economy was doing very well prior to depend on me because it was heading towards the tokyo 2020 alam pics. But having seen the effects of the pandemic, the impact is actually very galling tourism. Is that this next on tourism going to japan has dropped by shut the ring. 99 percent. So basically nothing is really moving. And if you, if the question is on how japan can handle chinas and large footprint, our role in the region, i thing japan, which the you cling on to the united states. But then surely hoping that the Transpacific Partnership agreement would be brought back by present your biden up, or president elect George Joe Biden right now to stews, to exceed what our set can provide to japan. Ok, gareth about australia. I want to ask you, its chinas top trade partner, beijing, a slapped import restrictions of some sort or other on shellfish, wine beef and, and barley after camera called for investigations into the origins of the cove in 1000 outbreak. Can australia benefit from this . Is there a way for it to diversify away from china . Potentially if they could sell more to the markets in asia, those goods that, that china slap tariffs on, but ideally from australias point of view, this deal will make it harder for china to impose these retired 3 measures. So i think thats the main way that australia could presumably benefit from this. I think the key point to bear in mind with this discussion on the australia, china spot is that the goods that were talking about at the moment have been subject to these are attaching chairs. Theyre actually quite a small deal from australias perspective. I think there would be quite significant economic ramifications if, for example, china starts to impose duties on australian idol, which is the big thing that australia sells to china. But i think its very unlikely to happen for the simple reason is that china is very dependent on imports of australia, of iron ore. So its a very can a symbiotic relationship in that respect. So. So i think thats the kind of key point to bear in mind these, these returns the measures youve seen so far from china being quite small, but they should actually be harder to introduce, you know, if this new agreement does have the teeth of this should have and stan, if we can take a look at global trade, ill tell you what singapores Prime Minister remarked when this agreement was signed. He said multilateralism is losing ground. The assets show support for closer and connected supply chains and closer into dependence. Of course, the trumpet, ministration took the opposite view as hard as the u. K. Braggs it, who will be on the right side of this argument. Well, i th