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E*Trade
Home›E*Trade›CPTPP: Trump abandoned this giant trade deal. Now China wants

CPTPP: Trump abandoned this giant trade deal. Now China wants

By Tim Kane
September 17, 2021
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Chinese Trade Minister Wang Wentao has applied to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), according to a statement released by the ministry Thursday evening.

The CPTPP is an 11-country free trade pact that entered into force in December 2018 and includes Mexico, Australia, Canada and Singapore. It succeeded the Trans-Pacific Partnership (TPP) after the United States pulled out under former President Donald Trump in 2017.

The TPP was negotiated under former US President Barack Obama, who wanted to offset China’s growing weight in the region by imposing US-backed labor, environmental and patent protections.

Obama wanted the deal to be an important part of his legacy, but his successor, Trump, withdrew the United States from the partnership in 2017. Chinese leaders began to seek to take his place almost immediately.
US President Joe Biden supported the TPP during his tenure as Obama’s vice president. But his stance has changed over the years: As he ran for president in 2019, Biden said he “would not join the TPP as originally proposed.”
“I would insist that we renegotiate pieces of this,” Biden said. during a presidential debate during the Democratic primary.

Chinese authorities on Friday stimulated the idea of ​​involvement in the CPTPP. Foreign Ministry spokesman Zhao Lijian called him “a contributor to promoting regional economic integration in the Asia-Pacific region, as well as economic recovery, trade development and the growth of investments after the pandemic “, during a press conference.

The agreement lowers tariffs among participants, standardizes regulations in areas such as food safety and determines levels of market access for goods and services, such as visa rules for business travelers, which may vary from member to member.

But the way forward may not be easy for China, especially since relations between the country and CPTPP member country Australia is getting worse.

In recent years, Australia Prime Minister Scott Morrison has decided to embrace the United States more closely as a security partner, establishing a personal relationship with Trump and trying to do the same with his successor, Biden.
China’s official request comes just a day after Canberra signed a security deal with the US and UK called AUKUS.

Australian coal, wine, barley and beef have all already been affected by trade tensions with China, and experts say the defense deal has further upset Beijing.

“China is unlikely to enter the CPTPP anytime soon, but news of its official candidacy coming a day after the UKUS announcement clearly underscores the lingering rift in how Washington and Beijing view ‘competition’ in Asia”, tweeted Ankit Panda, member of the Carnegie Endowment for International Peace.
Yet the Chinese and Australian economies are highly dependent on each other. In 2020, tensions between Australia and China did not prevent the two countries from pursuing an Asia-Pacific free trade agreement called the Regional Comprehensive Economic Partnership, as the two countries saw the benefits of their economic integration. more in-depth with other Asian countries. RCEP covers 15 countries – including Japan, Indonesia and Thailand – and 2.2 billion people, or nearly 30% of the world’s population.

During Friday’s press conference, Zhao, the spokesperson for China’s Foreign Ministry, said China’s efforts to join the CPTPP had “nothing to do with the United States’ trilateral agreements, UK and Australia “.

“[China] pushing for economic cooperation and regional integration while the US, UK and Australia push for war and destruction, ”he added.

Even if China were allowed to join the CPTPP, the country might find some aspects of the deal difficult, said Alex Capri, a researcher at the Hinrich Foundation. He highlighted “e-commerce and data standards,” but said China may be able to find loopholes.

“Keep in mind that when the United States pulled out, around 20 provisions dealing with data privacy, intellectual property protection, and other digital standards were essentially suspended,” Capri said. added.

Meanwhile, China is not the only country trying to join the CPTPP. Earlier this year, the UK began talks on entering the partnership, which it sees as one of its biggest opportunities to forge economic alliances beyond Europe after Brexit.

– Hanna Ziady, Ben Westcott and the Beijing office of CNN contributed to this report.

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