China applies to join Pacific trade pact to boost economic punch



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China applies to join Pacific trade pact to boost economic punch

Chinese Commerce Ministry said in a statement later this week that the world’s second-largest economy had applied to join a free trade pact of Trans-Pacific nations, dubbed as CPTPP (Comprehensive and Progressive Agreement for Trans-Pacific Partnership), a coordinated movement widely contemplated as an economic leverage to counterbalance Beijing’s regional influence.

Aside from that, Chinese Ministry had added that China’s Commerce Minister, Wang Wentao, had formally submitted an application to join the 11-member free trade pact in a letter to New Zealand’s Commerce Minister, Damien O’Connor, however, Japan, the current Chair of CPTPP, had said followed by the announcement that the pact would have to review whether China could meet the “extremely high standards” of CPTPP, but declined to offer a precise timeline.

In point of fact, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership was signed off into a free trade pact of eleven countries including Australia, Canada, Japan, New Zealand and Chile, back in the 2018s.

Before creating the 11-member pact that is thought to have engaged in buffering China’s economic influence over the region, the group was known as Trans-Pacific Partnership.

China formally applies to join CPTPP

Nevertheless, Japan, the acting Chair of CPTPP this year, also had added that it would have to consult the issue with member countries before handing out a response to China’s request.

In point of fact, Trans Pacific Partnership had been the brainchild of former US President Barack Obama, whose administration had conceived the concept of creating a strategic trigger point in Trans-Pacific trade zone, but, Donald Trump, the successor of Obama, had withdrawn the US from the pact back in 2017s.

Meanwhile, without providing an exclusive timeframe regarding the future of China’s request to join the CPTPP-11, Japan’s Economy Minister Yasutoshi Nishimura said in an interview with the reporters, “Japan believes that it's necessary to determine whether China, which submitted a request to join the TPP-11, is ready to meet its extremely high standards”.