Beijing ‘looking into joining trans-Pacific trade pact’ to hedge against US
Officials are exploring the possibility of China becoming a member of the CPTPP, source close to the government says
Beijing is looking into joining a trans-Pacific trade deal that it was previously shut out of by the US amid mounting pressure from the trade war, according to a source close to the Chinese government.
China could hedge against US President Donald Trump’s protectionist “America first” strategy and boost its role in free trade by joining the 11-nation Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), observers said.
So far China has not publicly expressed any interest in joining the pact and it did not apply for membership of the previous TPP deal – which Trump has pulled the US out of – calling it too complex.
But attitudes towards the CPTPP have been quietly shifting in Beijing, with Chinese officials over the past few months exploring the possibility of, and seeking advice on, joining the deal, according to the source, speaking on condition of anonymity.
Observers said joining the wide-ranging agreement between 11 nations – including Japan, Vietnam, Malaysia, Canada, Mexico and Australia – would allow Beijing to expand its trade links and unlock growth potential at a time when China risks being economically isolated by the US.