Insights EDITORIAL ANALYSIS : Indo-Pacific Economic Framework – INSIGHTSIAS

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Established in 2005, it is a forum of 18 regional leaders for strategic dialogue and cooperation on the key political, security, and economic challenges facing the Indo-Pacific region.

There are six priority areas of regional cooperation within the framework of the EAS:

    1. Environment and Energy
    2. Education
    3. Finance
    4. Global Health Issues and Pandemic Diseases
    5. Natural Disaster Management
    6. ASEAN Connectivity.

Members
>It comprises the ten member states of the ASEAN along with 8 other countries namely Australia, China, Japan, India, New Zealand, the Republic of Korea, Russia and the USA.
>It is an ASEAN-centered forum so it can only be chaired by an ASEAN member.

Association of Southeast Asian Nations(ASEAN)

    •  It is a regional organization which was established to promote political and social stability amid rising tensions among the Asia-Pacific’s post-colonial states.
    • The motto of ASEAN is “One Vision, One Identity, One Community”.
    • ASEAN Secretariat – Indonesia, Jakarta.

●     Member Nations
Indonesia
Malaysia
Philippines
Singapore
Thailand
Brunei
Vietnam
Laos
Myanmar
Cambodia

 Regional Comprehensive Economic Partnership (RCEP)

●     It is a trade deal between the ASEAN countries and China, Japan, South Korea, Australia and New Zealand.

●     It will lower tariffs, open up trade in services and promote investment to help emerging economies catch up with the rest of the world.

●     It will reduce costs and time for companies by allowing them to export a product anywhere within the bloc without meeting separate requirements for each country.

●     It also touches on intellectual property, but will not cover environmental protections and labour rights.

●     India withdrew from the RCEP largely because of concerns it would open it up to Chinese goods amid an already wide trade imbalance with China, and the failure of the agreement to adequately open up to services.

Trans Pacific Partnership(TPP)

●     TPP is a Trade Agreement among 12 Pacific Rim countrie

●     Goals:

1.      promote economic growth;

2.      support the creation and retention of jobs;

3.      enhance innovation, productivity and competitiveness;

4.      raise living standards;

5.      reduce poverty in our countries;

6.      promote transparency, good governance,

7.      enhanced labor and environmental protections

●     Signatories:
USA, (USA has withdrawn from TPP in Jan 2017)
Canada,
Mexico,
Chile,
Peru,
Japan,
Australia,
New Zealand,
Malaysia,
Brunei,
Singapore,
Vietnam

●     It covers 40% of the world’s economy

●     India is not a part of this.

●     It can not be ratified now as the USA has withdrawn from it.

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