China: The world's new champion of free trade? - Counting the Cost
Economy | Information | History | Online | Facts | World | Global | Money
We look at what it means for developing countries when the US decides to take a protectionist stance. The Trans-Pacific Partnership (TPP) was the largest ever US-proposed trade deal and took years to put together, but US President-elect Donald Trump has promised to withdraw from the deal on his very first day in office. The TPP, signed by 12 countries in February 2016, covers 40 percent of the world's economy. But all 12 nations need to ratify it, and Trump's comments suggest that this will not happen. As the United States, the world's biggest economy and the champion of free trade for the past century, is about to back away from closer global economic integration, analysts question whether China has what it takes to be the world's new champion of free trade. While China has not signed on to the TPP agreement, it could take advantage of new opportunities as the US takes a more protectionist stance on trade. China is promoting it's own pan-Pacific trade pact. The Regional Comprehensive Economic Partnership (RCEP) is still being negotiated, but if enacted, it could become the world's largest free trade bloc. It differs from the TPP in that it doesn't require its members to liberalise their economies, or take steps to protect labour rights, environment or intellectual property. So, is it really the end of the TPP? What does it mean for China and RCEP? And what are the implications on the US, Asia and the global economy? Deborah Elms, the executive director at the Singapore-based Asian Trade Centre, takes a look at how China could now be positioning itself as the world's new champion of free trade. Also on this episode of Counting the Cost: Made in Australia: In Australia, successive governments have supported free trade, but that long-standing position on foreign competition may now be changing. We went to the Rossi Boots headquarters, in Adelaide, to talk to one of the only companies still manufacturing Made in Australia footwear. The UK's JAM families and the cost of Brexit: It's estimated that leaving the European Union will cost Britain $280m a week over the next five years. In the first budget since Brexit, UK Finance Minister Philip Hammond downgraded his 2017 economic forecast and said the national debt would grow. In fact, it will balloon to above 90 percent of the UK's gross domestic product. That will wipe out any savings made from not having to pay into the EU's budget. Will the new budget help the so-called JAM families, those households "just about managing" to make ends meet? Gregor Irwin, chief economist at the Global Counsel, looks at the cost of Brexit. Iceland's red hot tourism industry: Iceland is known for its stunning landscapes and hot springs. But soon, there could be no more room in its famous blue lagoon because it's going through an unprecedented tourism boom and its infrastructure is struggling to cope. Paul Brennan reports from Reykjavik. Iceland versus Iceland: It looks like a 'cold war' might be breaking out between Iceland, the country, and the supermarket chain that bears the same name. That's because the UK store specialises in frozen food and actually owns the European trademark for using the name Iceland. But now, Iceland, the country, confirmed its taking legal action against the store. YouTube - http://aje.io/countingthecostYT Website - http://aljazeera.com/countingthecost/
Comments
-
China legalised Slavery. you can get 14 years for pick-pocketing doing manual labor making walmart merch . Using Slave Labor is not Championing Free Trade, its campaigning Slave trade
-
What's the alternative? A good example is to look at what India does. India locked horns with the US, not only for Doha round, .......the international digital trade 2.0, the WTO service trade.. the TPP ignored India and India had 0 interest with the US in trade agreement.. in fact the US is afraid if India ask for it.. and TTPIP is DBA..according to the Germans.. so who is coming up.. Lichtenstein?
-
everything is scary and confusing
-
China of course has the trade deal that puts labor and environmental protection laws out on the side line. This may be great for the Asian elite but the everyday worker is going to suffer for this. China is NOT the nation that's going to bring jobs and prosperity to Asia. More specifically The CCP is not the government that will do this.they will suck as much wealth as they possibly can for their own pockets.
-
IF TRUMP ABOLISH NAFTA, USA WILL BRING BACK THIER QUALITY MERCHANDISE TO THE WORLD. .CHINA WILL BE THE BIG LOSER BECAUSE OF VERY POOR AND LOW QUALITY MERCHANDISE.LET CHINA SELL THIER OWN PRODUCT IN THEIR COUNTRY SO THEY WILL KNOW ABOUT QUALITY PRODUCT.STOP BUYING CHINA ,WORLD KNOWS HOW POOR QUALITY MERCHANDISE THEY HAVE..100 % yes.
-
Join free trade with China is to commit suicide. Why free trade bad for US but good for China? The US consume more than export why China export more than consume.
-
If you write down your currency by 50 percent, then its easy to be for free trade and impossible to trade with you. Chinas devaluation has made wto an joke.
-
free trade = just Chinese trade
free trade means the industries of other nation will destroy
and the employment will goes up in China and increasing unemployment in other nations -
well ! the moment when the commie being better capitalism than the capitalist.welcome to the new world my child.tough time ahead
-
The spoils should always go to the innovating nations. Why reward nations that don't innovate, exploit workers, thumb their noses at environmental protection, currency manipulation. This is why it's easy to do business in China - they subsidize every aspect of business which is absolutely illegal. It's time for them to pay duties pegged to the calculated amount of subsidies.
-
Free trade without intellectual property or labor rights - China's wet dream.
-
I thought I can learn something from this video, turns out it is another brainwash video
-
China is racist garbage. gtfoh
-
TPP is all about containing china none about free trade, Obama hates china, just watch his video in G20 summit, he refused to answer chinese reporter in korea, and just recently he refused to use chinese airport staircase , but the US media flipped it as it was chinese that snubbed obama, while in reality it was obama that snubbed the chinese
-
In our stable western democracies globalization without limits is risky long term, free trade with friends that have similar obligations (freedom/social welfare) is fare and good . A little more self sufficiency would make us less reliant on being competitive globally and we would have less impact on developing corrupt countries. In this modern world we have to be careful with our influence as we are destroying the world with our unchecked consumerism.
-
For dictators yeah...
-
TPP does not include China.
-
Asia should stick with China trade deal and worried about our own development and progress. Laos and China ties is already a major step towards moving forward regionally in a big scale! Not only High Speed will run through Laos. But the world longest Canals and shipping will eventually be built from Cambodia seaport and then into Laos and Southern China trade.
-
It's funny, the U.S don't have a consistent foreign policy. That means even if you made some agreement with the U.S, it will probably become nothing after 4 years. How could any country be standing with the U.S against China if the U.S is so unpredictable? Their leader's need to stay in power eclipses the duty to govern. Every candidate is driven by the desire of getting reelected. They will say anything that pleases the public even it's shortsighted and damaging to the whole Country.
24m 35sLenght
168Rating