China applies to join digital economy pact, confirming Xi Jinping’s G20 speech
- The Digital Economy Partnership Agreement (DEPA) currently covers Singapore, New Zealand and Chile, while Canada has also expressed an interest to join it
- President Xi Jinping had confirmed China’s plans to join the pact in a speech to the Group of 20 (G20) leaders’ summit in Rome on Sunday
China has applied to join the Digital Economy Partnership Agreement (DEPA), the commerce ministry said on Monday.
China said the agreement will help China’s cooperation with member countries in the digital economy.
The pact currently covers Singapore, New Zealand and Chile, while Canada has expressed an interest to join it.
China attaches great importance to international cooperation on the digital economy
“China attaches great importance to international cooperation on the digital economy,” Xi Jinping said in a virtual speech.
“China stands ready to work with all parties for the healthy and orderly development of the digital economy.”
Advocates for such an accord had suggested that it could draw on existing arrangements in the region, including DEPA. It is unclear as yet what China’s planned application to DEPA would mean for the proposal.
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Donald Trump pulled the United States out of the deal in 2017, but it concluded successfully in 2018 with 11 signatories that have a combined economic value worth about 13 per cent of global gross domestic product.
A number of members of US Congress have been calling for the US to either rejoin the CPTPP or to be more active on trade diplomacy in the Asia-Pacific region.
Xi called on countries to discuss and develop international rules for digital governance that respect the interests of all sides, and foster an open, just and non-discriminatory environment for digital development.
China has previously proposed a set of rules designed to prevent foreign governments from acquiring data stored locally, part of its attempts to set global standards for the digital sphere.
At the same time, the US has also intensified its effort to restrict Chinese companies’ access to the private data of Americans, which could reshape the global economy for decades to come.
