While reiterating Washington seeks not to decouple from Beijing, treasury secretary outlines strategy to expand trade in the Indo-Pacific.
China has been trying to gain entry into the Asia-Pacific trade pact for two years, and Australia says it will ‘consider China’s application on its merits’ as bilateral ties warm.
Investment ties between the nations have been steadily advancing, and South Korea was one of the first countries with which the Gulf state launched talks about the Comprehensive Economic Partnership Agreement (CEPA).
Meeting at Camp David is expected to result in a series of defence, economic and diplomatic agreements aimed at pushing back against China.
Majority of citizens in 10 countries examined trusted Washington over Beijing, especially in Indonesia, the Philippines and Vietnam.
With a raft of measures to lure investors and modernise China’s manufacturing hub, Shenzhen’s policymakers are moving to counter trade protectionism and tech decoupling.
The Comprehensive and Progressive Agreement for Trans-Pacific Partnership has been seen as a bulwark against Chinese dominance in the region, although Beijing has applied to join.
China is next on the list of applicants to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, having submitted its application just months after the UK in 2021.
China will introduce measures on a trial basis to help with its application to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
Past championing of market liberalisation led to fragile supply chains, production abroad and Beijing’s clout, says Washington’s top trade official.
Rather than pursuing free trade deals, the US president promotes a plan for the federal government to play an active role in the revival of domestic manufacturing.
President Yoon Suk Yeol Yoon launched his strategy last year, pledging to foster a ‘free, peaceful and prosperous’ region amid concerns about China’s security ambitions for the strategic waters.
‘We won’t tolerate it, nor do we think it will be successful,’ says Gina Raimondo of Beijing’s blacklisting as Asia-Pacific Economic Cooperation meeting ends in Michigan.
The US debt debacle is seen contributing to a relative rise in China’s status, and a failure by Washington to reach a deal – however unlikely it may be – would ‘cause significant volatility’ in markets.
While Britain reached an agreement last month to join the 11-member bloc, China has seen little progress in its bid to join, even though international trade negotiator Wang Shouwen says it can ‘fulfil relevant obligations’ to membership.
Negotiations, which started last year, are moving at a very quick pace, US Trade Representative Katherine Tai said. IPEF, comprising 14 nations, is viewed as a counterweight to China’s growing clout in the region.
The proposed agreement would allow for greater defence cooperation and enable Canadian firms to bet on procurement contracts.
Deal comes after two years of negotiations to join 11-member Comprehensive and Progressive Agreement for Trans-Pacific Partnership as Britain beats China to the punch.
Britain has been looking to build global trade ties following its departure from the EU, and began negotiating to join the CPTPP grouping in July 2021.