Limits of the RCEP

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Last month, 15 Asia-Pacific countries signed the Regional Comprehensive Economic Partnership. The occasion marked what might be the most significant economic achievement since the Covid-19 crisis began. And yet the RCEP – or, indeed, Asia – cannot save the ailing multilateral trading system alone.To be sure, the RCEP is a firm repudiation of the protectionism that has been gaining ground in recent years. Economic integration is very difficult in the Asia-Pacific, owing to widely varying levels of development, diverse cultures and institutional structures, and ongoing territorial disputes. But, confronted with the Covid-19 downturn, the parties were eager to conclude the pact, after eight years of negotiations.And this is no minor trade bloc. Signatories include China and Japan – the world’s second and third-largest national economies, respectively – as well as South Korea, Aus…