The world's biggest free trade pact, the Regional Comprehensive Economic Partnership, was signed between China and 14 other nations on Sunday. Signatories included 10 members of the Association of South East Asian Nations and five major trading partners. A signing ceremony was held online by the 15 trade ministers on Sunday, on the sidelines of a virtual ASEAN meeting chaired in the Vietnamese capital, Hanoi.
What is the RCEP?
It's a 20-chapter agreement to reduce or remove trade tariffs in a number of areas, including on agricultural and industrial products. It also sets out rules for data transmission between the signatories. The countries signing the trade pact represent 30 per cent of the global economy, the combined equivalent of about $26 trillion of GDP, and 30 per cent of the world's population, or about 2.2 billion consumers.
How did it come about?
The deal began life in 2012, when ASEAN nations started discussions on harmonising trade policies, and has taken eight years to negotiate. Signatories include the 10 ASEAN nations – Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam – and major trading partners Australia, China, Japan, New Zealand and South Korea.
Why is it important?
The agreement could give a "significant boost to foreign direct investment" in the region, particularly as it faces upheaval caused by Covid-19, according to the United Nations Council on Trade and Development. Countries that signed the pact are facing a 15 per cent decline in FDI to a combined $310 billion this year.
Intra-regional investment, at 30 per cent of the total, has significant room for growth. FDI, investment by multinational enterprises (particularly those based in China and Singapore), and global value chains emanating from the region are all likely to benefit from the pact, UNCTAD said on Sunday. The least-developed countries – Cambodia, Laos and Myanmar – are the most likely to benefit as they typically receive more FDI from neighbouring RCEP members. Investment in infrastructure and industry would also improve their participation in global trade.
Why did it take so long?
Trade deals often take a long time to negotiate due to disagreements over their size and scope. In this instance, India was originally included in the talks and would have been the third-largest economy to participate, but it withdrew in November last year, with Prime Minister Narendra Modi concerned that it would widen existing trade deficits and hurt the country's farming industry. Others, including US Commerce Secretary Wilbur Ross, argued the pact didn't go far enough. He described it to Bloomberg as a "low-grade treaty" that didn't even warrant being described as a trade agreement. The RCEP still needs to be ratified by all signatory nations before it comes into force.
Wasn't the US pursuing something similar?
It was. The Trans-Pacific Partnership was an attempt by the former Obama administration to deepen trade links among the US and other Asian nations – in part to curtail China's growing regional influence. This was broader in scope than the RCEP, but the Trump administration pulled out of talks in 2017, with the president saying that it would pursue bilateral trade deals instead.
Where does this agreement leave that deal?
It's not clear when, or even if, a Biden administration would look to revive the Trans-Pacific Partnership. The Democratic Party's election platform said it would "work to strengthen ties with and between our key allies in the [Asia-Pacific] region, including Japan, South Korea, and Australia", but also said it would "protect the American worker from unfair trade practices by the Chinese government".
BORDERLANDS
Starring: Cate Blanchett, Kevin Hart, Jamie Lee Curtis
Director: Eli Roth
Rating: 0/5
The Buckingham Murders
Starring: Kareena Kapoor Khan, Ash Tandon, Prabhleen Sandhu
Director: Hansal Mehta
Rating: 4 / 5
Heather, the Totality
Matthew Weiner,
Canongate
RESULTS
Lightweight (female)
Sara El Bakkali bt Anisha Kadka
Bantamweight
Mohammed Adil Al Debi bt Moaz Abdelgawad
Welterweight
Amir Boureslan bt Mahmoud Zanouny
Featherweight
Mohammed Al Katheeri bt Abrorbek Madaminbekov
Super featherweight
Ibrahem Bilal bt Emad Arafa
Middleweight
Ahmed Abdolaziz bt Imad Essassi
Bantamweight (female)
Ilham Bourakkadi bt Milena Martinou
Welterweight
Mohamed Mardi bt Noureddine El Agouti
Middleweight
Nabil Ouach bt Ymad Atrous
Welterweight
Nouredine Samir bt Marlon Ribeiro
Super welterweight
Brad Stanton bt Mohamed El Boukhari
In Full Flight: A Story of Africa and Atonement
John Heminway, Knopff
Springsteen: Deliver Me from Nowhere
Director: Scott Cooper
Starring: Jeremy Allen White, Odessa Young, Jeremy Strong
Rating: 4/5
Terror attacks in Paris, November 13, 2015
- At 9.16pm, three suicide attackers killed one person outside the Atade de France during a foootball match between France and Germany
- At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people
- Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed
- Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest
- He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France
Countdown to Zero exhibition will show how disease can be beaten
Countdown to Zero: Defeating Disease, an international multimedia exhibition created by the American Museum of National History in collaboration with The Carter Center, will open in Abu Dhabi a month before Reaching the Last Mile.
Opening on October 15 and running until November 15, the free exhibition opens at The Galleria mall on Al Maryah Island, and has already been seen at the Jimmy Carter Presidential Library and Museum in Atlanta, the American Museum of Natural History in New York, and the London School of Hygiene and Tropical Medicine.
The Indoor Cricket World Cup
When: September 16-23
Where: Insportz, Dubai
Indoor cricket World Cup:
Insportz, Dubai, September 16-23
UAE fixtures:
Men
Saturday, September 16 – 1.45pm, v New Zealand
Sunday, September 17 – 10.30am, v Australia; 3.45pm, v South Africa
Monday, September 18 – 2pm, v England; 7.15pm, v India
Tuesday, September 19 – 12.15pm, v Singapore; 5.30pm, v Sri Lanka
Thursday, September 21 – 2pm v Malaysia
Friday, September 22 – 3.30pm, semi-final
Saturday, September 23 – 3pm, grand final
Women
Saturday, September 16 – 5.15pm, v Australia
Sunday, September 17 – 2pm, v South Africa; 7.15pm, v New Zealand
Monday, September 18 – 5.30pm, v England
Tuesday, September 19 – 10.30am, v New Zealand; 3.45pm, v South Africa
Thursday, September 21 – 12.15pm, v Australia
Friday, September 22 – 1.30pm, semi-final
Saturday, September 23 – 1pm, grand final
Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
Gifts exchanged
- King Charles - replica of President Eisenhower Sword
- Queen Camilla - Tiffany & Co vintage 18-carat gold, diamond and ruby flower brooch
- Donald Trump - hand-bound leather book with Declaration of Independence
- Melania Trump - personalised Anya Hindmarch handbag
The Settlers
Director: Louis Theroux
Starring: Daniella Weiss, Ari Abramowitz
Rating: 5/5
