In particular, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (TPP-11), which came into effect in December 2018, and the Regional Comprehensive Economic Partnership (RCEP), which came into effect in January 2022, have lowered barriers to exports and overseas expansion, raising hopes of more aggressive corporate activities taking advantage of these frameworks.
In many parts of the world, this process of globalisation goes through an intermediate phase, and that is one of regional economic cooperation or integration. The European Union, which has been developing over the past thirty years, has now reached the advanced stage of almost full financial integration.