Given the sheer size of the RCEP, the market offers more potential," says Nopporn Thepsithar, president of the Thai National Shippers' Council (TNSC).
"But from a trade perspective, the TPP is much deeper and wider than the RCEP, as the TPP comes with significant market openings by reducing or eliminating tariffs on almost 18,000 categories of goods, particularly in respect of farm products such as sugar, rice, cheese and beef.
"It also contains guidelines for dispute resolution between foreign investors and governments, requests for governments not to discriminate against foreign investors, and demands for specific countries to improve their labour standards."
For the RCEP, the 16 members have agreed to eliminate tariffs on 65% of all goods, amounting to 8,000¬9,000 items, under the RCEP plans. Of the 35% of total products not included in the initial agreement, RCEP members are expected to gradually cut tariffs to zero within 10 years after 2017 for 20%, while further talks are needed for the other 15%, which are mostly sensitive items.