Reuters has reported 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 move comes the day after the historic security alliance AUKUS between the US, UK and Australia was unveiled was announced.
Accession to the CPTPP would be a major boon for China following on from the the signing of the 15-nation Regional Comprehensive Economic Partnership (RCEP) free trade agreement last year.
The CPTPP previously known as the Trans-Pacific Partnership (TPP) was signed by 11 countries including Australia, Canada, Chile, Japan and New Zealand in 2018. Britain is currently in negotiations to enter the trade pact, while Thailand has also signalled interest in joining it.
The TPP was originally created by the US to counter China’s regional influence in the Asia Pacific and was integral to former U.S. President Barack Obama’s strategic pivot to Asia but his successor, Donald Trump, withdrew the United States from the pact in 2017 leading to Japan headlining negotiations to create what became the CPTPP … Click Here to have our Full Analysis sent direct to your mailbox or smart device.
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