Joining CPTPP beneficial for China, says think tank

The Center for China and Globalization, a Beijing-based think tank, has released a report shedding light on how China could benefit from the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, a trade agreement between Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.

The report, which is titled "CPTPP, New Opportunities of Future Development of China's Free Trade", said that the CPTPP represents the future direction of international free trade in terms of economic aggregate and threshold standards.

The report says that China should join the CPTPP agreement, which is in line with the spirit of free trade and global consensus to combat trade protectionism and isolationism, especially at a time when the World Trade Organization is losing momentum due to the differences between the developed and developing countries over trade issues.

The 11 member countries of the CPTPP agreement account for 13.2 percent of the global economy and 15 percent of the world's trade volume. All the member countries are from the Asia Pacific region, with Japan, Australia, Canada and New Zealand boasting a high degree of economic openness and brighter economic prospects.

The report also says that the CPTPP agreement is "comprehensive" and "progressive" as it surpasses other free trade agreements of the kind that only aim at reducing trade costs by setting standards for labor, environment, intellectual property protection and state-owned enterprises.

Joining the CPTPP will help create a fairer and broader market for Chinese enterprises such as Huawei and Xiaomi as some countries are shunning China’s leading companies, according to the report.

The report also sees joining the CPTPP as a way for China to better implement its Belt and Road Initiative, which has been misunderstand by many countries as a tool to expand influence.

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