Tariff cuts under the Regional Comprehensive Economic Partnership will generate import gains for ASEAN as it will reverse the negative trade-diversion effects caused by the existing bilateral and ASEAN+1 free trade agreements. But there will be firms in ASEAN that have to compete with their counterparts from RCEP countries.
Myanmar’s Garment Industry: Hanging by a Thread
Myanmar’s garment sector has been hard hit by the fall in demand, largely from Europe. This is due partly to the fact that the country is now interwoven into the fabric of globalisation.