What is the RCEP? | CNBC Explains
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- Опубліковано 7 гру 2020
- The signing of the world’s largest free trade deal has given China significant influence in Asia Pacific, which could shape the region’s economic and political landscape for years to come. CNBC’s Tom Chitty explains.
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One, enough with the 'pop-zoom-in' effect, please !
Two, you failed to explain the deal in any detail, with the pros and cons. I am as confused as I was before watching this video. Typical CNBC.
Whenever they talk about trade deals they don’t go into any details... it’s like they automatically assume we’re too dumb to understand
.... and they wonder why so many people are turning against global trade
@@Anti-socialSocialClub people are turning against global trade because they dont make a boring 2 hour video on the RCEP deal? Really? This vid was to explore the possible overall strategic impact to the man in the street, not an RCEP explainer.
Economics 101: Competitive advantage. Trade between countries, especially tariff free, is beneficial, the 'global' bit is irrelevant. All that means is you no longer have to trade with a neighbour. Although most trade is, in fact, with neighbouring countries. Trade allows a country to obtain goods it cannot produce itself or obtain them cheaper, or obtain resources it does not have. eg Japan and China do not have oil.
The CPPTP is unusual in that it is an agreement between non-neighbouring countries that even the UK is trying to join, having left the EU which is the largest and most advanced trading group in the world.
It is hilarious that the host is filming this in Notting hill, London. This whole video is about Asian RCEP
looks like china town london, lol .....
@USAYTRB yepyepyep
@USAYTRB We have the internet, you can find a white guy anywhere in ASIA lol.
You don't need to be standing in Beijing or Singapore to make a video about it! It's a global world and all that... I thought you were one of the young global population. Anyway, he is a western reporter explaining RCEP to a western/English speaking audience. Could just as easily be done from Buenos Aires or Cuba
Some may find the explanation isn't quite in-dept but i've always come to CNBC Explain looking for trending global economic update. Good Work
Pulling out of free trade agreements might sound smart and protective, but it always bites you in the end. You want to trade as much as possible, not the opposite
U know only one side of the story china products will diminish India's business and manufacturing because India doesn't have adequate economies of scale as of now and most of the sellers would have buyed from China and ultimately India will suffer and to give jobs to India's huge population we need all the things to manufacture in India . Now do u se (60$ Bn)
@@mudit1 India needs foreign investment for growth and job creation.
@@mudit1 India protectionism will only make India fall further due to lack of competitions. Indian companies and corporations are notoriously inefficient and lack innovation, they need hard competitions to force them improve. India also don’t need more investments, they need effective investments into key industries that generate values, but protectionist policies will just waste investment money into non productive industries.
Among rcep nations only china is the one that doesn't have free trade agreements with India
So it doesn't makes a difference
You're wrong, I'll come back to this comment after 10 years.
I am Malaysian and I believe We can be the most competitive economy in the World with vast diversification, prosperity, and inclusivity. Economic sustainability can be achieve if We stand together, stronger, with Malaysia 🇲🇾
Excluding America? Lol, we will see! Watching Oligarchical Collectivism take place
@@TNFINEST Asia Pacific do not even need USA lol The yuan is becoming more powerful than USD.
@@cocaineminor4420 No, you’re late just like your reply
Most of the countries have hard working people. We need the platform to let them get rich
you mean china get rich? 🤣
@@pessimistic_optimism hell yeah
economic isolation like US and Europe did
@@pessimistic_optimism The post was neutral, but your comment was ignorant. First of all, China is not even the richest country in the world now. Everybody knows who it is. Not sure where you come from, but you sure should worry about your country and do something to contribute instead of posting bitter comments here.
@@anitapeng3862 if mine was bitter comment, what about yours 🤣 sour?
4 dark point in the region is Taiwan, North Korea, East Timor and Papua New Guinea.
TW: I wanted to join but CN blocked my way.
NK: No capitalism nor free market.
ET: What can I sell?
PG: ET we care brothers.
@@akattau ET & PG, OIL?
@@akattau q1qweeeeee
Indonesia leader of ASEAN 🇮🇩
and RCEP
Norak 😂
@Alfred Einstein Oil your own machine.If he is Muslim then definitely he will follow Islam
Thanks a lot!
Who says we Asians need the westerners
Nobody. Absolutely nobody.
China doesn't represent whole asia .
@@basshunterdota625 RCEP represents ASEAN nation with China n Australia n new Zealand so what are u trying to drive at?
@@Think_Inc that's what the westerners would say after decades of putting us Asia countries down due to geopolitical supremacy after WW2
One of the major reason why India didn’t join rcep was becoz rcep doesn’t recognise trading in services. This was terrible for India which is mainly a service exporting economy
Also Cheap diary products from New Zealand will be dumped in our country making our diary farmers go out of the business.
Now Indians don't have to compete with China and they will remain loosers as always
@Mark A. Milley rcep didn't cut India out, India cut rcep out
@@nothing9220 keep thinking like that, you are becoming more American everyday, who failed to anticipate china.... those who underestimate their competitors turns out to be losers
You mean sending off immigrant workers oversea? Yeah no wonder it was rejected.
Always great insights, keep them comming!
It is a good move to show the western world that the Asians are not to be pushed around and underestimated. They want to trade with asia they should equally respect the Asians and stop their racist rhetorics and mindset!
我们亚洲应该同心协力
AMAZING !!!!!!!
Nice video.
I am happy that they showed Ladakh as a part of India
They still missed out PoK and Aksai Chin.
Both rightfully belonging to India, but disputed by Pak and China.
ua-cam.com/video/FGNcCPr8bsI/v-deo.html
In the New Year, please explore how the challenges of disabled people affect economies around the world. Pharma is doing great, yet millions are without a way to contribute. #millionsmissing
Thanks. Great info!
Would be great to have a video in New Year on - why all are going behind havinga vaccine and not any precise medicine for corona/covid 19.
better than us cruel empire
China is 20 times more cruel.
@@kshitijshekhar1144 You are wrong
@@kshitijshekhar1144 How many countries has Communist China invaded and looted as compared to the warmonger US?
@@_NOBODY_8888 they are doing it through debt. You'll soon see.
@@kshitijshekhar1144 They didn't force debt on any of these nations, if these nations fail to repay the debt then it's their fault not China's.
I think India should have joined RCEP. Yes, Chinese products would find place in Indian market but what Indian producers lack is competitiveness. This would have forced Indian producers and government to build better infrastructure, labour rules, supply chain. Trade barriers hurt the Economy, it would make our producers lazy. Today China is the leading producer, but if we Indians want to be at the top we have to defeat them not ignore them.
tbh, no one likes india mentality when it comes to trade
if india open the door the national companies will bankrupt too quickly to be occupied by other country companies and it will hard to build the india own company
Man these things can be done without joining
As a Malaysian, I tell you, india make a right decision, this RCEP mean = How to destroy Asean local product.
What? We r already struggling to get rid of Chinese products and investment n u want us to join rcep
It would completely destroy our domestic industry
Aapne pair pe khud kulhadi marne ke bad khade nhi ho skta koi
Is like prenuptial agreement
UK: BREXIT!
US: MAGA!
Asia: RCEP!
Nobody is silly. Everyone strives for itself own benefit.
Yes.
To audio engineer or whoever works on the audio pleaaasseee crank up the volume. It is way too low
Next GDP
1:China
2:USA
3:Japan
4:Indonesia
Indonesia will take another 3 decades to surpass Germany.
@@094_favianaldilla7 it will. India will surpass Japan and probs even US by 2050.
@Ankur Kumar Because i live on Indonesia, not India
@@kshitijshekhar1144 NO India has a vast land and has as many populations as China so by 2050 india could surpass Japan, but China will be hard to surpass and the USA will never
Asian countries economic integration is responsible for a new wave of acronyms like RCEP, TTP, APTA. Would be nice to watch something about their similarities, differences and implications.
I can see that this rcep will make a new currency or make yuan as the primary currency making USD gradually redundant.
It will be fun cuse really USD so much over rated 🤥
Nd we all have to trade in that currency rates when it comes to international trades
It suck cause like Indian 75 ruppes = 1 $ 🥴
Nd like a 10 rs. Coffe cup in India = 5-10 $ US coffee cup
PATHETIC 🥴
Same with many things
It's not good Nd always favor westerns
All westerns have low population so they need to print less money
But when it comes to big Country's like China or India
We need more money to print cuse here literally
30-35% world's population
It's Unfair 🥴
The answer is correct, so the U.S. returns to Asia and creates trouble for China. The U.S. hopes to continue to exploit Asia.🤣
Making yuan as global currency would kill the competitiveness of china products.
Depending on which industry that China will open iup on RCEP free trades.
This is the new "silk road", China hopes, I think.
It is.
@@pvasir thanks.
@@volcanowb Visit Thailand and you will see. Laos is almost done with its High Speed Rail from Kumming (China) to Vientiane (Laos). Here in Thailand we are still screwing around and corrupting and our HSR just got started. Hopefully one day Thailand will complete the Nongkai to Bangkok and onward to Malaysia sector. Also the new Rail hub in Bangkok will be operation in 2021. Thanks to cheap long term loans from China.
@@pvasir that would a cool route. But hopefully your jungles will remain unluke the terrible waste of the Amazon forests and all the precious inhabitants. Thanks!
The new Silk Road aka Belt & Road initiative consist of more then 100 countries spanding from Asia to Afrika, Midde-East and Europe. The RCEP like the name suggest is more of a regional part of the East.
Cnbc is my favorite channel entertainingly education
Can u guys do one on Kenya
What is Kenya
Cool video. Thanks! Please explore the "Blue Economy". Credit-Suisse & Rockefeller Foundation launched September 2020 the "Ocean Engagement Fund". Is this a trend, a fad, a new investment niche? What kind of future does it have? Thanks!
What does the acronym RCEP stand for???
So this means??
Bangladesh also included 🇧🇩 ( 2021)
COOL
All of the countries that are part of RCEP and the TPP are also part of APEC, this just makes it more redundant.
japan took tpp and reworked it into cptpp.
Apart from TPP being non-existent, APEC is taking a different approach tweaking individual FTAs in a coordinated way to reduce tariffs, etc. It is more of an inter country facilitator. Pretty much working at the edges. The RCEP is fundamentally different being a single agreement covering the entire area primarily introducing the country of origin rules that would be difficult for APEC to do alone. If anything RCEP could be a product of APEC (and arguably should have been), but it isn't. It is a competing group possibly with Chinese backing and a part of the ongoing geopolitical game.
I thought it was regional/revolutionary/rapid china's enveloping/enriching/encroaching plan
china is future
Where does someone look for the credible sources of a report like this?
The least you can do is to use a correct Chinese map and Indian map.
The rules of origin is the exact reason why India didn’t join.
China is basically the biggest dumper in world, rules of origin gives it permission to dump anywhere without fear of tariff. Beware other countries.
Lol. The reason why India didnt join in was because the other members DO NOT want more indian workers in their country.
India is playing defensive which will hurt it in long-term. We made similar mistake after independence.
15 countries signed the rcep for free tradfe and south america wants to join
But they are are so far away how can they trade with 15 nations that are far away????
economic and political issue
15 COUNTRIES SINED THE RCEP FOR FREE TRADE AND SOUTH AMERICA WANTS TO JOIN
Too far away
Dapat mag prefer Ng bagong kalakalan
Kailangan classify Ang mga product ,qualify Ang product papasok sa acting country .
Thanks for the updates please 🙏 RAVINDER TALWAR JALANDHAR CITY PUNJAB INDIA
@cnbcinternational can you make more videos on india and its economy,culture and people?
Build toilet first.. They try to be on CNBC
@@nothing9220Did. About 110 million of them. I hope your constipation gets better 😁
Anything like this video on world economics is great, informative, very little fluf and click bait time wasting.
Asia-Pacific is no more,, It's Indo-pacific( make sure you get this)
In fact, pulling India to the Asia-Pacific and becoming the Indo-Pacific is to make trouble.
China: a historical document
see, we've just levied 200% tariff on Australian wine 😉👋
I am living in Australia now.
A lot of Australian people believe Australian economy is too dependent on China due to a large amount of trade surplus.
And the US is unhappy to China because of trade deficit.
China buying more from the US and less from Australia is win-win-win for all three countries.
The US is also a great producer in agricultural and energy products.
@@tuoli9118 it seems to be the other way round？ ~ Australia has trade surplus coz it's a resources rich country ~ just like Russia, Saudi, Iran, Iraq, Brazil, Malaysia...all are having trade surpluses.
China needs to import food & energy & the trade war has put its foreign reserves under pressure. Thus they try to minimize non-necesary import & push people to local substitutes. But eventually these aussie wines will be shipped to hk, & then the "related parties" will smuggle back to China. So, don't worry 😉
@@winstons1578 hehehe
interesting and absolutely right.
Did you say diplomacy with china?and who will benefit from ARCEP the most? Yes of course.
Please make a case study on "INDIA"
where a profound change is being made in public as well as private sectors taking up technology and a nation with more than 6 million software developers . I am damn sure this nation is heading towards massive disruption in market dynamics and greater adoption of technology. Bringing tech solutions and one of the largest and fastest growing startup ecosystems. Such disruptions are also subjected to some of the greatest challenges upon which the nation needs to work as the world's
most important emerging market and economy and is "data rich".
Well good luck road shiiters... Try to build toilet first
@@nothing9220 have you stopped cooking with gutter oil?
@@prernagoyal7002 I heard your PM told you to use gutter for gas to cook pakoda. Anyway hows going shitting on road sides? 4 year old baby girls get rapped there be careful while shitting on roads.. Ok
So if you're not in one group create another
Philippines is the center of rcep
It’s just a hype though
it will not stop India to be the next superpower.
So have you finished building toilets or still shitting on roads?
@@nothing9220 have you stopped cooking with gutter oil?
Dude I'd be rather living a life in peaceful, stable and good normal country rather than superpower with lack of human rights
superpower in R@pe maybe
@@DK-yz9xk Still less than yours n per capita basis.
Hope India will reconsider joining and Russia will Join RCEP too
Was India wrong for withdrawing from RCEP?
No
Nope
No.
Nope india already have a free Trade agreement with Asean , if we make separate agreements with Australia, NZ , japan it's enough for us because we don't want chinese cheap goods flow into our market during this tensions between india and china
@@mohankumar9511 we already have a FTA agreement with Japan but we also working to sign a FTA with Australia
Please don’t repeat things, instead of showing his face you could’ve used the animation and show the counties since the beginning, explanation was also confusing, not to the point.
🎉🎉🎉oh
Why does CNBC even bothers?
First that guy talks about RCEP while showing his sleepy face then again they’ll say the exact same words with countries animation behind, learn something from Vox.
Chitty Chitty Bang Bang
Pakistan 💕
Pakistan is not member of RCEP
Its simple.
Without India, RCEP is a cashcow only and only for China. RCEP is a bait to import as much tech as possible to china and just see what happens after few years.
India is moving towards US and West. West won't loose India because its the only country that can challenge China and not to forget the Potential market which provides huge opportunity for west companies
This is embarrassing. India leaders admitted the reason India didn't join because it cannot compete with other countries in many fields. India was the obstacle for RCEP. Once India stepped out, the deal was done so quickly.
@@sunnydaysddt2068 deal was already established. Without India where other countries will sell their non tech product? China?😂 They already have their own companies which mass produce everything, even without tarrif do you think other will compete China's pricing?😂.
Wuhan Virus had already damaged other countries alot and its like do or die situation for them. It didn't affect India😭. China succeeded in what they wanted with Wuhan Virus, other countries are bowing 😂 unlike India
RCEP == Receive China Exported Products
India can always make an agreement without China tho.
@@leonesperanza3672 Just take the example of Dairy products. Australia can offer very cheap Dairy to India but India cannot enter into the agreement because most Dairy in India will get affected. Unlike developed countries, dairy here is unorganised and cooperation organization. Also this are their generational business.
Now how can Govt of India can have agreement? This will lead to vote loss. So India's internal issue are very diverse.
You highlighted the wrong map of India, Be cautious about it
What areas, my friend?
It's internationally recognized map of india, our godi media is lying
@@Sathish_12 It is not according to our official map. Don't be anti-Indian while being anti Modi.
LOOK ASEAN +++++++++++++++++
Looking for beef
yeah thats why china gain much in rcep. who made rcep.
chyna 😂 lol still everyone wants them this is power right?
RCEP = Regional Chinese Empire Protocol.
😂
RCEP == Receive China Exported Products
#EATtheRiCH
this is what you get without Trump
This is what you get without trump? Are you dumb...?
Plus, at 1:16, they literally showed him leaving a trade deal with that region plus Canada/peru
Actually, China appears, to me, to be practicing a form(s) of isolation, asthe majority of nations prefer to retain a greater sense of genetic heritage some for less physical or perhaps more psychological reasons find more benifits by remaining more isolated to realize their culture as just as important on a global scale. Such as a country that possess unique skills and mind sets that produce one-offs. I think this is a personal value based situation when it comes to free will it's mandatory. Just my .02 cents.
You are showing wrong Indian map. Please correct it.
IT'S A WARNING FOR CNBC TO SHOW THE RIGHT MAP IN THE VIDEO. If u are not aware, do it asap. It's because we are seeing it for 2nd time IN CNBC. Indian viewers should comment on this. WRONG MAP IS GETTING DISPLAYED AT 4:40
Yeah! Not at all acceptable.
They just won’t show the disputed regions so that comments like these won’t show up. If you watch other non-Indian UA-cam channels, you’ll notice the same thing.
Like all the other accords, China has never respected any signed agreements. She keeps closing its market door to the world and put heavy tariffs on the imported products. The so-called partnerships provide a mean for China to take profit from the agreements and insert political influence on the trading partners.
So countriy leaders around the world are such fools allowing CN to break the rules again and again for decades... Well, the world is soooo gullible that IN would be in an ecstasy - we should have learned from CN to cheat the world to development our own economy.
Although you are attacking China, the U.S may feel even more ashamed.
thank god india isnt participating in this.
Yep. India would have been enslaved by China.
@@Think_Inc Naah, its just that we don't like to use cheap quality products :)
@@prathmeshbarge8750 LMAO🤣.
@Yondu Actually it will create job losses since local producers will be affected
@@prathmeshbarge8750 Now a days people who don't even have toilets talking about cheap quality products. 😂
I am so happy my nation didn't participate in it otherwise our markets would have been filled with low-quality Chinese products killing local businesses.
Let me guess India?
Lol your country is worse no cap
Lol they didn’t highlight Taiwan on the map when they said China joined the RCEP
Taiwan 🇹🇼 🇹🇼 is not a part of China
@@sarves_boreddy you are showing the flag of republic of CHINA lmao
@@laocongge not sure what the problem is
@@denrimi don’t you see the contradictory nature of his statement? “Taiwan is not China” when the name of the country is literally called the republic of China... there is not country called Taiwan in the world. Taiwan is just a province of republic of China, which is the what China’s claim on Taiwan based on. China’s goal is to UNITE the divided China, not to conquer Taiwan.
@@laocongge You've done your history homework, correct? Then you should know that there's more to this China-Taiwan issue beyond "uniting China."
Why do you guys have allergy to show correct Indian map? This is ridiculous
They just won’t show the disputed regions so that comments like these won’t show up. If you watch other non-Indian UA-cam channels, you’ll notice the same thing.
Although it’s true that they are correctly showing the eastern parts of India as Indian and that they are showing that at least a large part of Kashmir is Indian, the rest of the claims made by Pakistan and China are very strong.
Why they would show the part of Kashmir which Pak has conquered? Know as Pak adhikrit Kashmir... Take it back first
no detail about asean agreement benefit such waste of video to explain
MAGA
RCEP = How to destroy ASEAN local product.
It's a catch 22 situation. We can open our economy and many small and medium business will suffer, Or we can keep our economy close to protect local businesses and our economy will stagnant. Beside RCEP doesn't necessitate we remove tariff and duty entirely. That's the reason why the negotiation took 8 years. They discuss tariff and trade restriction with each other. Beside, Dr. Mahathir propose the same deal back then, EAEC.
I bet all your sh*t is made in china too no cap.
the hilarious thing is rcep was signed by countries because they thought india would sign too but india didn't so rcep is pretty much redundant in the global theme of things
@vlad wick no country in ASEAN is rich except Singapore, so I don't know who you are calling cheap because you are equally cheap
Trump2020
RCEP will fail and in a few years we will be watching Why RCEP failed.
That too will have a million views... All in all win for them...
Burnt Indian here
Endian again