Anticipating two-way efforts between the CPTPP and China: Global Times editorial

BEIJING, Dec. 16, 2024 /PRNewswire/ -- The UK officially joined the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) on December 15, marking a significant development in the economic and trade landscape after "Brexit" and representing the first expansion of the CPTPP. The news has drawn widespread attention. Some attention has focused on China's potential accession to the CPTPP, with suggestions that as the rules of the CPTPP become more refined, China's application to join faces greater challenges. At the end of last month, after the 8th CPTPP Commission meeting announced the establishment of an accession working group for Costa Rica, there were also mixed opinions regarding China's bid.

The CPTPP evolved from the Trans-Pacific Partnership (TPP), which was heavily promoted and dominated by the US. However, the US withdrew from the TPP in 2017 due to domestic political and economic reasons. Japan then stepped in to work with 10 other member states, renaming the agreement the CPTPP and making adjustments while retaining the original high-standard trade provisions. These changes, to some extent, enhanced the agreement's flexibility and inclusivity.

China formally applied to join the CPTPP in 2021 and has actively pursued the application process with an open and pragmatic attitude. It has conducted multiple rounds of in-depth and comprehensive studies and assessments of the 2,300-plus provisions of the CPTPP and engaged in multi-channel exchanges at various levels with its members. Additionally, China has proactively implemented pilot measures aligned with the agreement in select free trade zones and free trade ports. Its application has received positive responses. CPTPP members including Singapore, Malaysia, Vietnam, Brunei, Chile, and New Zealand have expressed support for China's bid.

These voices of support indicate that, against the backdrop of deep integration in the global economy, China is firmly committed to advancing institutional opening-up and proactively aligning with high-standard international economic and trade rules. This development trend aligns with and increasingly adapts to the rules of the CPTPP. Everyone has seen that China's expansion of high-level opening-up to the outside world serves as a strong driving force for promoting regional trade prosperity and development. The frequent mention of China's potential membership whenever there are developments in the CPTPP reflects the significant implications of China's accession.

It is worth emphasizing that while the phenomenon of global trade protectionism and the formation of exclusive "small circles" cannot be ignored, the overarching trend of globalization and regional integration remains changed. China's active pursuit of joining multilateral frameworks such as the CPTPP and the Digital Economy Partnership Agreement is driven not only by its own development and interests but also by a deeper sense of responsibility. On one hand, as the world's second-largest economy, China has substantially engaged in almost all multilateral trade processes globally.

On the other hand, China's commitment to cooperation, opening-up, and win-win principles - demonstrated during its active push to join the multilateral trade agreements - reflects its firm determination to promote globalization and free trade. It also conveys China's pragmatic and resolute approach to embracing the world, providing opportunities for global growth. 

In fact, the core competitiveness of the CPTPP lies not only in its claim of being the "highest standard in today's world," but also in the role it plays in promoting trade liberalization, facilitation, and regional cooperation and economic integration in the Asia-Pacific region. As a responsible and major driver of global economic growth, China's accession to the CPTPP would undoubtedly expand the agreement's influence, making it more inclusive and representative. For other CPTPP member states, this would mean broader market opportunities and greater room for cooperation. An article from the Peterson Institute for International Economics previously stated that if China were to join, the gains would quadruple. Other data also indicate that China's participation in the pact would result in a tripling of the consumer base and a 1.5-fold expansion of the combined GDP of the partnership. Additionally, China's membership would diversify trade relations among members and accelerate the transfer of technological innovation, among other benefits.

China is confident, patient, and untroubled about joining the CPTPP. We expect that the existing member countries of the CPTPP will approach China's application with positivity, openness, and impartiality. Whether in promoting the establishment of the largest free trade area in the Asia-Pacific region (RCEP) or in the ongoing high-quality development of the Belt and Road Initiative globally, China's image as a partner committed to cooperation, mutual achievement, and a shared future has already taken root in people's hearts. The process of applying to join the CPTPP will once again demonstrate China's determination for open cooperation with the world and its commitment to contributing more to the regional economy, conveying confidence in economic globalization.

SOURCE Global Times