SINGAPORE — With the US and China squaring up over trade, getting the 16-country Regional Comprehensive Economic Partnership (RCEP) signed by the end of the year seems increasingly important for the 10 member states of the Association of Southeast Asian Nations (ASEAN). That urgency has been sharpened by US withdrawal from the Trans-Pacific Partnership (TPP), now an 11-country deal rebranded as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) after being signed in Chile in March. Singapore’s prime minister clearly wanted to get a message across when hosting the ASEAN summit at the weekend. “The fact is that we do not have a TPP,” Lee Hsien Loong told journalists after the meeting. “We have a Comprehensive and Progressive Agreement for Trans-Pacific Partnership, which has made it more urgent that we proceed with this [RCEP].”
SINGAPORE — If China and the United States continue their charge into a full-on trade war, few regions will be as vulnerable to the resulting economic turbulence as Southeast Asia. That’s why the 10 governments of the Assn. of Southeast Asian Nations meeting in Singapore this week are hashing out ideas about how the region can duck any shrapnel if the world’s two biggest economies keep firing protectionist salvos at each other. “Considering that China and the U.S. are ASEAN’s first and third trading partner respectively, the early exchange of blows between Washington and Beijing would be watched nervously across all ASEAN capitals,” said Tang Siew Mun, head of the ASEAN Studies Centre at the ISEAS-Yusof Ishak Institute, a Singapore-based research organization.