This mega-regional partnership is expected to bring East Asia together in terms of trade and economic cooperation like never before. But as East Asia will reap the benefits of this deep trade integration, what will be its implications for Pakistan? With RCEP countries becoming more competitive, Pakistan’s relative market access to these countries, especially China, could suffer, leading to loss of exports to regional competitors. Considering that almost one-sixth of our exports are destined for RCEP countries, such erosion could be significant. Furthermore, RCEP will be open for accession by any country and will therefore provide an opportunity to Pakistan to join, especially with China’s support.

Source: The Express Tribune April 27, 2021 04:52 UTC