China applies for participation in Pacific trade agreements to increase economic influence

Beijing: Japan needs to determine if China meets the “very high standards” of the Trans-Pacific Partnership Comprehensive and Progressive Agreement (CPTPP) after the world’s second-largest economy officially applies for membership. Said there is.
China’s Commerce Minister Wentao has submitted a Chinese application for participation in a free trade agreement in a letter to New Zealand’s trade minister, Damian O’Connor, a Chinese ministry said in a statement late Thursday. rice field.
The CPTPP was signed in 2018 by 11 countries including Australia, Canada, Chile, Japan and New Zealand.
Prior to that, it was known as the Trans-Pacific Partnership and was considered an important economic countermeasure against China’s regional influence.
Japan, the CPTPP presidency this year, said it would consult with member states to meet China’s request, but did not provide a timeline to do so.
“Japan needs to determine if China, which has requested accession to the TPP-11, is ready to meet very high standards,” Economy Minister Yasutoshi Nishimura told reporters. rice field.
The TPP was at the heart of former US President Barack Obama’s strategic focus on Asia, but his successor, Donald Trump, withdrew the United States from the agreement in 2017.
A spokesman for the US State Department, who was asked to comment on China’s bid, said it had postponed it to the CPTPP given that the United States was not a member, adding: Economic coercion against other countries will take into account China’s reputation as a candidate for membership by the CPTPP party. ”
Joining the CPTPP will be a big boost for China after signing the Regional Comprehensive Economic Partnership Free Trade Agreements of 15 countries last year.
Beijing is urging it to be included in the agreement, including emphasizing that the economies of China and Australia have great potential for cooperation. However, relations between the two countries are deteriorating.
In a new alliance called AUKUS announced this week, the United States and the United Kingdom said they would provide Australia with the technology to deploy nuclear submarines, a move aimed at countering China’s influence in the Pacific Ocean.
Zhao Lijian, a spokesman for China’s Foreign Ministry, said on Friday that the application for participation in the CPTPP was “totally unrelated” to AUKUS.
China was promoting regional integration while the AUKUS countries were “promoting war and destruction,” he said in a briefing in Beijing.
Taiwan, which is also considering joining a trade agreement, has expressed concern about China’s application decision.
China claims Taiwan as its territory and would not be pleased if Taipei was allowed to join the group before Beijing.
Japan’s Deputy Minister of Finance said in a tweet on Friday that subsidies and arbitrary application of the law to China’s state-owned enterprises could make it difficult to join the country’s trade agreements.
“China is far from the world of free, fair and transparent TPP, and there is almost no chance of participation,” said Finance Minister Kenji Nakanishi. “This can be thought of as a move to prevent Taiwan from participating.”
The UK began negotiations to join the trade agreement in June, but Thailand is also interested in joining it.
According to the Chinese Ministry of Commerce, Wang and O’Connor held a conference call to discuss the next steps following the Chinese application.

China applies for participation in Pacific trade agreements to increase economic influence

Source link China applies for participation in Pacific trade agreements to increase economic influence

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