Is the delay of TPP a boon for Regional Asia Pacts?

An article published in Australian Financial Review on Aug 25, 2015 titled “Asian countries shift focus to regional trade after TPP delay” talks about how delays in Trans-Pacific Partnership and fears of slowdown in financial markets have opened doors for ‘Regional Comprehensive Economic Partnership’ (RCEP) to come into effect by the end of 2015. That effectively means doors are open to Asian Heavyweights India and China and many other Asian countries to be a part of an elite trade agreement while the US struggles to form such a partnership. The recent trade agreements between China and Japan are an indication of how fast RCEP is moving compared to TPP. Will the presence of India, China and Thailand in the RCEP give greater credibility to RCEP among the Asian countries than TPP? If yes, then what is the future of TPP? What does a delay in TPP agreement mean for the US and its American allies?

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