Is RCEP a good deal for Australia?

The Regional Comprehensive Economic Partnership (RCEP) was to be a deal with the 10 South-East Asian members of the ASEAN alliance, and Japan, China, South Korea, New Zealand, Australia and India. But in battling domestic concerns, the RCEP would undermine its economy, Indian Prime Minister Narendra Modi refused to agree the terms. If India had been party to the deal, it would have covered 32 per cent of global economic production. Australia already has individual trade agreements with ASEAN and a number of other countries in the deal, so it is hard to see what extra benefits may flow to Australia. Past political decisions have caused the loss of virtually all jobs in manufacturing industries so the only possible benefits for Australia are mineral and agricultural exports, so we are likely to even more play the role of Asia's quarry and foodbowl.

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