China applies to join Pacific trade pact to boost economic clout – Times of India

BEIJING: Japan stated it must decide if China meets the “extraordinarily excessive requirements” of the Complete and Progressive Settlement for Trans-Pacific Partnership (CPTPP) after the world’s second-biggest economic system formally utilized to hitch.
Commerce minister Wang Wentao submitted China’s utility to hitch the free commerce settlement in a letter to New Zealand’s commerce minister, Damien O’Connor, the Chinese language ministry stated in an announcement late on Thursday.
The CPTPP was signed by 11 international locations together with Australia, Canada, Chile, Japan and New Zealand in 2018.
Earlier than that, it was often known as the Trans-Pacific Partnership and seen as an necessary financial counterweight to China’s regional affect.
Japan, the CPTPP’s chair this yr, stated it might seek the advice of with member international locations to reply to China’s request, however stopped in need of signalling a timeline for doing so.
“Japan believes that it is necessary to find out whether or not China, which submitted a request to hitch the TPP-11, is able to meet its extraordinarily excessive requirements,” Japanese economic system minister Yasutoshi Nishimura instructed reporters on Friday.
The TPP was central to former US President Barack Obama’s strategic pivot to Asia however his successor, Donald Trump, withdrew the US from the pact in 2017.
Requested to touch upon China’s bid, a spokesperson for the US state division stated it deferred to CPTPP, on condition that the US was not a member, however added: “That stated, we might anticipate that China’s non-market commerce practices and China’s use of financial coercion towards different international locations would issue into CPTPP events’ analysis of China as a possible candidate for accession.”
CPTPP accession can be a serious enhance for China following the signing of the 15-nation Regional Complete Financial Partnership free commerce settlement final yr.
Beijing has lobbied for its inclusion within the pact, together with by highlighting that the Chinese language and Australian economies have huge potential for cooperation. Nonetheless, relations between the 2 international locations have soured.
In a brand new alliance dubbed AUKUS introduced this week, the US and Britain stated they would offer Australia with the know-how to deploy nuclear-powered submarines, a transfer seen as aimed toward countering China’s affect within the Pacific.
Zhao Lijian, China’s overseas ministry spokesman, stated on Friday that the appliance to hitch CPTPP was “fully unrelated” to AUKUS.
China was pushing for regional integration whereas AUKUS international locations had been “selling conflict and destruction,” he stated at a briefing in Beijing.
Taiwan, which has additionally been angling to hitch the commerce pact, expressed concern about China’s determination to use.
China claims Taiwan as its personal territory and wouldn’t be happy if Taipei was allowed to hitch the grouping earlier than Beijing.
Japan’s deputy finance minister steered in a tweet on Friday that China’s subsidies of state-owned companies and arbitrary utility of the legislation had been more likely to make it onerous for the nation to hitch the commerce pact.
“China … is much faraway from the free, truthful and extremely clear world of TPP, probabilities that it may be part of are near zero,” State Minister of Finance Kenji Nakanishi stated in a tweet. “This may be considered a transfer to stop Taiwan from becoming a member of.”
Britain in June started negotiations to enter the commerce pact, whereas Thailand has additionally signalled curiosity in becoming a member of it.
Wang and O’Connor held a phone convention to debate the subsequent steps following China’s utility, the Chinese language ministry of commerce stated.

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