China applies to join Pacific trade pact to boost economic clout


BEIJING, Sept 17 (Reuters): China has filed an application to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the commerce ministry said, as the world's second-biggest economy looks to bolster its clout in trade.

Commerce Minister Wang Wentao submitted China's application to join the free trade agreement in a letter to New Zealand's trade minister, Damien O'Connor, the Chinese ministry said in a statement late on Thursday.

The CPTPP was signed by 11 countries including Australia, Canada, Chile, Japan and New Zealand in 2018.

Before that, it was known as the Trans-Pacific Partnership (TPP) and seen as an important economic counterweight to China's regional influence.

Japan, the CPTPP's chair this year, said it will consult with member countries to respond to China's request, but stopped short of signalling a timeline for doing so.

"Japan believes that it's necessary to determine whether China, which submitted a request to join the TPP-11, is ready to meet its extremely high standards," Japanese Economy Minister Yasutoshi Nishimura told reporters on Friday.

The TPP was central to former US President Barack Obama's strategic pivot to Asia but his successor, Donald Trump, withdrew the United States from the pact in 2017.

Accession to the CPTPP would be a major boost for China following the signing of the 15-nation Regional Comprehensive Economic Partnership (RCEP) free trade agreement last year.

Beijing has lobbied for its inclusion in the pact, including by highlighting that the Chinese and Australian economies have enormous potential for cooperation. However, relations between the two countries have soured.

Britain in June began negotiations to enter the trade pact, while Thailand has also signalled interest in joining it.

Wang and O'Connor held a telephone conference to discuss the next steps following China's application, the Chinese Ministry of Commerce said. - Reuters

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

China , Apply , Membership , CPTPP , Economic Clout

   

Next In Aseanplus News

Philippines' Synergy Grid, country's only electricity grid operator, prices US$273 million follow-on offer at bottom
Commodity strength, economic recovery brightens Indonesian rupiah's prospects, says survey
Wuhan Marathon postponed after China Covid-19 surge
US envoy urges North Korea to stop missile tests
Pakistan look to end India losing streak in T20 World Cup blockbuster
Upbeat outlook for Bursa this week, CI may retest 1,600 key level
Strong quake shakes Taiwan, no damage reported
Warisan not contesting all seats in the next GE, says information chief
Ringgit likely to be in tight range against the greenback next week
Vietnam is opening up as Asean reported over 31,000 Covid-19 cases on Saturday (Oct 24)

Others Also Read


Vouchers