Asian economies have become extremely important contributors to the global economy in recent years. In fact, the latest growth of the global gross domestic product (GDP) has been led mainly by countries such as China, India, and Indonesia, which have all become major players in industries like technology, agriculture, and manufacturing as well.
Asian trade blocs are also gaining popularity in international trade. For instance, in 2020, fifteen nations within the Asia-Pacific region formed the Regional Comprehensive Economic Partnership (RCEP), which includes around 30% of the global population and a total GDP of over $38,000 billion. This blog focuses on analyzing the rising importance of Asian trade blocs and their eagerness to dominate the trade industry.
The Growing Clout of Asian Trade Blocs
The RCEP is only one of several Asian trade blocs. Some of the other major blocs from the region include the Association of Southeast Asian Nations (ASEAN), the South Asian Association for Regional Cooperation (SAARC), and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). The emergence of these blocs clearly indicates that Asia does not want to be left behind and is ready to take the leading position in international trade. This region is home to some of the largest and fastest-growing economies in the world, which means other trade blocs around the world must prepare for a power shift in the near future.
The RCEP also includes some of the world’s leading economic powerhouses like China and Japan. Moreover, there is a possibility that this trading bloc will add new members, further strengthening its power and influence. Western nations have been dictating the trade industry for far too long now, and Asia is ready to challenge the supremacy of the West. But in order to create such a transition, Asian trading blocs are a must.
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