RCEP(The Regional Comprehensive Economic Partership) was signed among 15 Asia-Pacific participants in a video link and conference held by Vietnam yesterday. The agreement was to take effective pending the aprovals by all governments of the participants, including China Mainland, but Taiwan is not in there.
The agreement, after numerous negotiation and talks in nearly eight years, will tie the participating countries in a largest free trade zone of the world. Since RCEP is so founded on the original base of ASEAN, the countries that Cai and DPP deemed and aimed as a substitute in replace of Mainland market. Obviously, the absense of Taiwan will severely hurt its economy in the future. Needless to say, Taiwan will be further marginalized.
However, what intersts me most is whether or not RMB will play a bigger role in the future trades within RCEP and thus gain itself a wider sphere of monetary influence in the world.