China announced on Thursday that it had submitted a written request to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Former US President Donald Trump abandoned the trade pact when it was called the Trans-Pacific Partnership (TPP) soon after he took office in 2017. CPTPP currently consists of Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam. These countries have a combined GDP of $13.5 trillion, about 13.4% of the world’s total.
Previously, the UK also applied for membership in the trade deal. Britain’s international trade minister Liz Truss said the CPTPP provided the UK with opportunities to de-tangle its economy away from Europe after Brexit. Meanwhile, many prominent analysts have urged Washington to reenter the partnership to counter China’s growing economic dominance, especially in the Asia Pacific region. However, White House press secretary Jen Psaki has said that there was no plan to rejoin the pact.
Beijing itself is pioneering another trade deal with Asia Pacific countries, called the Regional Comprehensive Economic Partnership (RCEP). Many analysts believe that it is part of China’s efforts to counter the US economic clout in the region. The RCEP includes ten ASEAN nations plus China, Japan, South Korea, Australia and New Zealand.
The RCEP is mostly about removing tariffs among its members. Meanwhile, the CPTPP has a wider scope, including labour standards, environmental protection, intellectual property safeguard, and rules preventing market distortion due to state-controlled companies.
Tags: All Products,AlwaysFree,Asia Pacific,China,English,NEA
Published on September 17, 2021 10:33 AM (GMT+8)Last Updated on September 17, 2021 10:33 AM (GMT+8)
