Thu. Nov 26th, 2020

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Biden worrying to give up Asia’s digital oil to China

1 min read

Joe Biden

Now that Asia has stitched together the world’s biggest trading bloc, US financial and tech firms ought to be more than a little worried.

The Regional Comprehensive Economic Partnership, or RCEP, will bind the 10 economies of Southeast Asia with China, Japan, South Korea, Australia and New Zealand, creating a prototype of what my colleague David Fickling describes as “a sort of Pax Sinica,” a Beijing-led global order.

To provide a counterweight, the US needs the Trans-Pacific Partnership (TPP). President Donald Trump backed out four years ago.

Japan is keen for Joe Biden, as the next president, to reverse the exit. But the goal of a US pivot to Asia can’t solely be to encircle China. The objective must be to establish rules for ownership and use of Asian consumers’ financial and e-commerce data, a commodity that is set to become more valuable in this century than perhaps even oil was in the last.

 

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