Because of Australia’s existing trade agreements with other RCEP member countries, substantial tariff cuts on Australian exports are not the major advantage for us. But just as significant as trade flows, however, are the geopolitical implications of RCEP.
The strong international focus of Australian agriculture drives growth opportunities, but also exposes the sector to significant geopolitical risk.
While the post-COVID-19 recovery will be difficult, it provides opportunities to develop new technologies that can generate new businesses, industries, jobs, and sustainable, low-carbon growth.
With China’s economy showing signs of recovery as the country begins to emerge from the COVID-19 epidemic, we can’t lose commercial sight that China remains incredibly important in the medium-long term to Australia.
The 2020 World Economic Forum (WEF) identified the erosion of international institutions as a major challenge to managing and responding to pressing global concerns.
All trade deals are challenging, but the current global geopolitical climate means the Regional Comprehensive Economic Partnership is more challenging than others.1