Fifteen countries have entered into the world’s largest free trade agreement know as RCEP, or the Regional Comprehensive Economic Partnership. It includes Asian Pacific nations like China, Japan and South Korea. National Cattlemen’s Beef Association’s Senior Director of International Trade and Market Access Kent Bacus says there is a concern that China is leading that pact, the U.S. still has an advantage with several bilateral trade deals in effect.
He says there are additional bilateral market opportunities the U.S. needs to pursue. They’re eyeing agreements with Malaysia, the Philippines, Thailand and Vietnam.
Bacus says one problem with the RCEP group is they unfairly use non tariff-trade barriers against the countries they trade with.
Bacus says it’s unfortunate that China is leading the new RCEP group. However, the U.S. is in a better position to lead global trade deals that are rules and fact-based.
