The US and China don’t want to be in the same regional trade grouping. But a free-trade area of the Asia-Pacific offers an inclusive approach that pushes back against the creation of rival trading blocs.
The US-China trade war has triggered the start of a decoupling process between the two superpowers that is spreading to countries aligned with them. Reputable middle powers such as Australia must resist, and instead work on new approaches to liberalising regional and global trade.
My overall impression was that the Chinese authorities were reaching out to Australia, welcoming the warming in relations, and looking to improve them further. But the global, rules-based, trading system is in its worst shape since its inception in 1948. For the most part, the Trump tariffs, which were illegal under the rules of the WTO, remain in place under the Biden Administration.And the US is further vetoing appointments to the WTO’s Appellate Body, effectively preventing these rules from being enforced by neutering the dispute-settlement system.
On several occasions, leaders have gone further by declaring support for a Free Trade Area of the Asia Pacific , but without specifying what that might involve. As with the existing Environmental Goods Agreement, these initiatives would be voluntary, non-binding and non-discriminatory.
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