World’s Largest Free Trade Bloc Hailed In China Amid Supply Chain Challenges
Zero Tariffs For 90% Of Region's Goods Trade
Covering nearly a third of the world’s population and roughly 30% of global GDP, the newly signed Regional Comprehensive Economic Partnership is set to accelerate trade within the Asia Pacific region. But India’s last-minute withdrawal means China may dominate the agenda going forward.
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In a bid to ensure long-term medicines security, the Indian government has earmarked $1.32bn to promote domestic production of 53 APIs, including lopinavir and ritonavir currently being evaluated to treat COVID-19 cases, as well as antibiotics, for which India is highly dependent on China.
Beijing’s latest proposal to ban gene editing is viewed as a direct response to Washington’s tightening grip over the transfer of US technology to China.
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