China to ease economic and trade rules to aid CPTPP pact bid, amid scepticism over reform commitment
- 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)
- European Chamber of Commerce in China said Beijing’s new pledges on opening up are ‘a step in the right direction, but that further more is still necessary
China has unveiled new measures to help its bid to join an Asia-Pacific trade agreement as Beijing presses on with its goal to reach the standards of the 11-nation deal, despite the thresholds for entry deemed by some members to be too high for the world’s second-largest economy.
The measures, part of a document on opening up, will be introduced on a trial basis in some of China’s free-trade zones and ports, and are aimed at aligning with “high-standard international economic and trade rules”, the State Council said on Thursday.
Chen Chunjiang, assistant minister at China’s ministry of commerce, said that the measures offer “practical support” to joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), as well as the Digital Economy Partnership Agreement (DEPA).
The trials will help China to accumulate experience and also demonstrate its willingness and ability to join high-standard economic trade agreements, Chen said.
Joining CPTPP is in the interest of China, and I think it is also in the interest of all CPTPP members
“Joining CPTPP is in the interest of China, and I think it is also in the interest of all CPTPP members, and also in the interest of economic recovery in the Asia-Pacific region and the world,” Chen added on Friday.
