As TPP falters, China steps up charm offensive to woo Asian nations on board Beijing-led trade pact

Beijing has stepped up its charm offensive to woo Asian countries on board what it deems an alternative, more practical trade pact backed by China after the prospects of a “high standard” US-led deal for the region diminish.

A good trade deal is not about whether its standards are high or not, it is about whether it is workable for member countries, said Tan Jian, a senior Chinese delegate attending the Apec summit in Lima, Peru.

Tan was comparing the China-backed Regional Comprehensive Economic Partnership (RCEP) and the US-led Trans-Pacific Partnership (TPP), a key pillar of the Obama Administration’s pivot to Asia strategy that US president-elect Donald Trump is likely to withdraw from after taking office.

The RCEP would be a better choice to promote Asia-Pacific integration than the TPP, Tan told reporters on the sidelines of the two-day Asia-Pacific Economic Cooperation summit.

“Because if the standard is too high, developing economies will have difficulties to meet ... so you cannot say that the higher, the better,” said Tan, who is also a deputy director-general of international economic relations at China’s foreign ministry.