A China-backed treaty has become a front runner for setting new trade standards in the Asia-Pacific region after U.S. President-elect Donald Trump confirmed he would withdraw from the Trans-Pacific Partnership, which was signed by 12 countries including the United States in February but has not yet been ratified.
The Regional Comprehensive Economic Partnership (RCEP), which involves 16 nations in the Asia-Pacific area, is seen as an alternative to the TPP for lowering tariffs and facilitating growth in its members. China, which was excluded from the TPP, is leading the RCEP.
However, the RCEP lacks some of the "lofty goals" set for the TPP, including worker protection and targeting corruption.
The following are provisions of the TPP that are not currently included in the RCEP:
TPP countries are required to ensure a list of labor rights recognized by the International Labour Organisation.
These include working to protect collective bargaining, eliminating forced labor and abolishing child labor and employment discrimination.
The signatories are also required to introduce laws governing minimum wages, hours of work and occupational safety and health.