China applies to join Pacific trade pact in bid to boost economic clout

China | 17 Sep 2021 10:16 am

China has filed an application to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the country's commerce ministry said on Thursday, as the world's second-biggest economy looks to bolster its clout in trade.

Commerce Minister Wang Wentao submitted China's application to join the free trade agreement in a letter to New Zealand's trade minister, Damien O'Connor, the Chinese ministry said in a statement.

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.

It was central to then-U.S. President Barack Obama's strategic pivot to Asia but his successor, Donald Trump, withdrew the United States from the pact in 2017.

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 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.

Britain and Thailand have also signaled interest in joining the CPTPP.

Wang and O'Connor held a telephone conference to discuss the next steps following China's application, the Chinese Ministry of Commerce said. -- Reuters
 



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