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- China applies to join Pacific trade pact to boost economic clout
China applies to join Pacific trade pact to boost economic clout
Reuters reports that 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.
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.
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 here 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.
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