China submits application to joint TPP trade deal: Report

ANI
17 Sep 2021, 04:18 GMT+10

Beijing [China], September 16 (ANI): China has submitted an application to become a member of the Trans-Pacific Partnership (TPP) free trade deal, in a bid to increase its clout in the Asia-Pacific region.

However, it remains uncertain whether China will be allowed to join the free trade pact, formally known as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, as it would require unanimous approval from the 11 member countries, Kyodo News reported.

The Trans-Pacific Partnership (TPP) was a proposed free trade agreement among 11 Pacific Rim economiesThe existing TPP members are Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.

The trade pact is widely seen as being aimed at countering China's growing economic influence. The US withdrew from the pact in January 2017.

According to the Chinese ministry, Chinese Commerce Minister Wang Wentao and Hon Damien O'Connor, New Zealand's trade and export minister, spoke on the phone to discuss necessary procedures.

In March, the Chinese government also formally ratified the world's largest free trade deal, a pact signed last year by 15 Asia-Pacific countries, including Japan, South Korea and the 10-member Association of Southeast Asian Nations.

Japan, a leading economy in the TPP, has said complying with high-standard rules would be a prerequisite for China to enter negotiations toward participating in the free trade pact. (ANI)

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Taiwan Sun.

More Information

21 ℃

Mostly Cloudy in Taipei/Songshan

Business

Section

To reduce disease, US seeks reduction in consumer salt use

WASHINGTON D.C.: On Wednesday, the U.S. Food and Drug Administration (FDA) established new guidelines to help cut salt levels contained ...

Elon Musk home on the market for $32 million, $5 million price drop

SAN FRANCISCO, California: The Silicon Valley home of Tesla founder Elon Musk, which he originally bought for $29.85 million in ...

After 18 months, Irish to resume United States travel on Nov. 8th

WASHINGTON D.C.: After being locked out for 18 months during the Covid pandemic, fully vaccinated Irish travelers will be able ...

Electronics industry not hopeful for early end to chip shortages

TAIPEI, Taiwan: In a webcast, Taiwan Semiconductor Manufacturing Company (TSMC) has outlined its expansion strategies, which include building a Japan-based ...

Cheap coal makes a comeback in face of rising energy prices

MOSCOW, Russia: With surging natural gas prices leading again to the greater use of coal, TotalEnergies CEO Patrick Pouyanne highlighted ...

Delta variant blamed for 300,000 jump in August unemployment

WASHINGTON D.C.: A recently released report has detailed how the August surge of the Covid Delta variant saw record numbers ...

International

Section