Home Business China is actively considering joining the CPTPP to attract attention: promoting free trade and encouraging many countries to follow suit
Xi Jinping speech at the 20th meeting of the Council of Heads of State of Shanghai Cooperation Organization

China is actively considering joining the CPTPP to attract attention: promoting free trade and encouraging many countries to follow suit

by YCPress

Reference News Network reported on November 22 According to a report from AFP 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.

According to reports, the Comprehensive and Progressive Trans-Pacific Partnership Agreement (CPTPP) is an upgraded version of a huge agreement originally supported by former US President Obama. The agreement aims to counter China’s growing strength in Asia.

The report pointed out that Xi Jinping said in a speech at the 27th APEC Economic Leaders’ Meeting that China “will actively consider joining” the CPTPP.

According to reports, just a few days before Xi Jinping delivered the above speech, Beijing and 14 other countries 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 account for about 30% of the world’s total economy. As Washington is increasingly retreating, it is seen as a major success for China.

International trade expert Deborah Elms said that if China does join the CPTPP, it may encourage other countries to follow suit.

Elms, the executive director of the Asian Trade Center, said: “If Xi Jinping’s statement of intent is advanced in the next few weeks and months, it will of course prompt existing members, potential members and other countries that are not currently considering joining the CPTPP. Ask many questions.”

According to a report from Japan’s Sankei Shimbun on November 21, the APEC leaders’ meeting attended by 21 countries and regions from Japan, the United States, and other countries was held in video on the evening of the 20th. Chinese President Xi Jinping delivered a speech at the meeting and pointed out that China will actively Consider joining CPTPP.

According to the report, in the case that Biden has not yet made clear his attitude towards CPTPP, 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 stated at the APEC Business Leaders Dialogue that China will actively participate in multilateral and bilateral regional investment and trade cooperation mechanisms. This reflects China’s policy of accelerating economic cooperation negotiations.