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Original caption: China is actively considering joining CPTPP, attracting attention: promoting free trade and encouraging many countries to follow suit
Reference News Network reported on November 22 According to an AFP report on November 20 in Kuala Lumpur, Chinese President Xi Jinping said on Friday that China would consider joining a free trade agreement that was once supported by the United States but abandoned by Trump.
The Comprehensive and Progressive Trans-Pacific Partnership Agreement (CPTPP) is reportedly an improved version of a grand agreement originally endorsed by former US President Barack Obama. The agreement aims to counter China’s growing strength in Asia.
The report noted that Xi Jinping said in a speech at APEC’s 27th Meeting of Economic Leaders that China “will actively consider joining” the CPTPP.
Just days before Xi Jinping delivered the above speech, Beijing and 14 other countries reportedly signed the Regional Comprehensive Economic Partnership Agreement (RCEP). This will be the largest free trade agreement in the world.
According to the report, the agreement excludes the United States and its signatories represent around 30% of the world’s total economy. As Washington retreats more and more, it is seen as a huge success for China.
International trade expert Deborah Elms said that if China joins the CPTPP, it can encourage other countries to follow suit.
Elms, Executive Director of the Asian Trade Center, said: “ If Xi Jinping’s declaration of intent moves forward in the coming weeks and months, it will of course incite existing members, potential members, and other countries that are not currently considering joining the CPTPP. Ask lots of questions. “
According to a report by Japan’s Sankei Shimbun on November 21, the APEC leaders’ meeting that was attended by 21 countries and regions from Japan, the United States and other countries was held on video on the evening of the 20th. The Chinese president, Xi Jinping made a speech at the meeting and noted that China will be active. Consider joining CPTPP.
According to the report, in the event that Biden has not yet made his attitude towards the CPTPP clear, China has taken the initiative to show its support for free trade.
According to the report, China seeks to expand the economic circle under its influence by relying on the scale of the world’s second-largest economy to break the encirclement of China. On the 15th, Japan, China, South Korea and other countries signed RCEP. On the 19th, Xi Jinping declared at the APEC Business Leaders Dialogue that China will actively participate in multilateral and bilateral regional trade and investment cooperation mechanisms. This reflects China’s policy of speeding up economic cooperation negotiations.
