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Must-read article on #RCEP for anyone trying to understand the dynamics of regional trade deals. Implications for #Brexit and the UK-EU and UK-US prospective deals.
by @davidfickling
@davidfickling The process of proliferating FTAs creating distinct, separate zones has been going on for a while now with the dominant US, Japan and EU models.
@davidfickling A couple of good quotes from the article:
"Trade agreements are hard precisely because deals that are worthwhile economically tend to be politically hazardous, and vice versa."
Again #Brexit comes to mind
@davidfickling "The standards that are established across the zone inevitably resemble those of its largest member."

Relevant for the UK-US deal
@davidfickling "That would be fine in a global agreement, but in a regional deal the effect is to raise barriers to nations outside the bloc with different rules."

Another reason why UK-EU/UK-US deals would be interesting from a regulatory perspective
@davidfickling "Both the RCEP and the pared-down, U.S.-free version of the TPP are better understood as attempts to harmonize trading standards than reduce tariff barriers."

A reminder in the ongoing conversation about non-tariff barriers such as standards being more burdensome than tariffs
@davidfickling These dependencies are important and should be part of any conversation on UK's future FTAs. Trade deals have been around for decades. There is no reason not to learn from past experiences.
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