Trade proposals in pipeline
Formed in 2005 with Brunei, Chile and New Zealand and Singapore. The US joined in 2008. It now has 12 members, including the original four, plus Australia, , Canada, Japan, Malaysia, Mexico, Peru, Vietnam and the US. China was not a member. Its absence was seen as part of the US “pivot to Asia” strategy.
The TPP has tough regulatory standards on labor, environmental protection, intellectual property and government procurement.
President-elect Donald Trump signaled in November that the US would withdraw from the agreement in January.
Formed in 2012. Includes the 10 members of the Association of Southeast Asian Nations, or ASEAN: Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam, plus six regional trading partners — China, Japan, South Korea, Australia, India and New Zealand.
The RCEP excludes the United States and is seen as China-led since it is the largest economy in the grouping.
Still on the drawing board. First discussed at the Asia Pacific Economic cooperation summit in Hanoi in 2006. The roadmap for its eventual realization was announced at the APEC forum in Beijing in November 2014 and given further impetus by a keynote speech by Chinese President Xi Jinping at the Lima meeting in November.
Both the US and China could play a leading role in the FTAAP, although this seems less likely with US President-elect Donald Trump’s position on TPP.