CHINA pursues all the modern policies of economic stability and sustainability and immense social development to gear up opening-up and modernization. The Chinese President Xi’s holistic and comprehensive policies of opening-up, qualitative industrialization, modernization and last but not the least digitalization and e-commerce have created conducive corridors of dialogue, development and diplomacy around the globe. To secure its vested interest of opening-up and modernization and further increase its role in the global governance promoting equitable economic ties, China has already applied and filed all possible documents necessary for joining the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) and hopefully it will not be entangled with chronic western geopolitics that always promotes preconceived and prejudiced views about China.
It is hoped that China’s accession to the CPTPP, which encourages areas such as labour, finance, environment and the digital economy, among other sectors, will further enhance its own development and also expand its booster effect for the regional economy too. Simply, it would create win-win propositions for all the member countries and regional economies alike. Therefore, the CPTPP members should not support any hidden hand of political prejudice and bias to stop China’s inclusion. Despite the western false and fake propaganda, China has the political will, economic strength and industrial capability to join the CPTPP and has been studying the terms, cost and benefits of joining the pact. It is predicted that China’s accession to the CPTPP would be in the best interest of the country, all CPTPP members and the economic recovery of the Asia-Pacific and the world as a whole.
Additionally, China is already a member of the RCEP, and if it joins the CPTPP, it will strengthen the progress of both mechanisms towards promoting economic integration in the region and beyond. Hopefully, it will also further enhance the stability, safety, reliability and efficiency of local industries and supply chains. Most recently, the UK formally signed the pact to join the CPTPP. It is hoped that the CPTPP will discuss about China’s accession. The foreign media has already hyped that China faces difficulties in its accession to the CPTPP.
According to the UK government, the CPTPP comprises12 economies and has a combined GDP of 12 trillion pounds ($15.72 trillion) which is getting more momentum. Frankly speaking, the Chinese joining of the CPTPP vividly reflects its strong resolve to oppose western planned schemes of decoupling, de-risking and support healthy globalization. Strangely, Australia has reportedly signalled that China is unlikely to join the pact in the near term which is nothing but self-created delusion.
The majority of prominent regional economists, business community and investors derided biased narrative of the West indicating China’s joining the CPTPP as a geopolitical issue, therefore, the genie of geopolitics should not stop China’s peaceful persuasion towards the CPTPP because China can meet the requirements of the trade deal. So merchants of protective economic nationalism should not try to create any false narrative against China in this regard.
Most recently, the Chinese policy makers have already initiated holistic and comprehensive economic, customs, taxes financial and administrative measures to start trials in the country’s free trade pilot zones and free trade port along with promoting innovative development models in commodity trade, facilitating services, trade, streamlining the temporary entry of business personnel and ensuring the healthy development of digital trade, with the aim of deepening reforms in key areas by aligning with high-standard international trade rules. Therefore, China is on the right path of further opening up necessary for joining the CPTPP.
It is a good omen that China’s Vice Minister of Commerce Wang Shouwen assured that China is sorting out reforms and amending regulations and laws for joining the CPTPP and China has the capability to join the CPTPP. According to the Peterson Institute for International Economics, prior to the UK’s accession, the CPTPP would generate global income gains estimated at $147 billion annually. Moreover, if China were to join, the gains would quadruple to $632 billion, or one-quarter more than the original TPP with the US.
In summary, China’s inclusion in the CPTPP will create befitting propositions for all the member countries and further discourage the genie of geopolitics creating erosion on the global economy and trade through the formation of bloc mentality and promoting spirit of conflicts, confrontations and contradictions. China is the largest trading partner of eight of the 12 CPTPP countries. China has the will and ability to join the CPTPP, and its application is in line with the interests of the Asia-Pacific region and the world’s economic recovery. Moreover, the CPTPP is totally different from its predecessor, the Trans-Pacific Partnership (TPP), a forum under the US’ leadership.
Comparative study suggests that TPP’s initial intention was meant to compete with China’s influence in the Asia-Pacific economic and trade spheres and some of its standards and norms are considered to be aimed at China. To join the CPTPP China has pursued in-depth and comprehensive research and evaluation on more than 2,300 articles of the CPTPP, and sorted out the reform measures, laws and regulations that need to be amended for China’s accession. Hopefully, the geopolitical color of the CPTPP will suddenly diminish, allowing for greater development and growth based on the principles of free trade and multilateralism. Moreover, there should not be any unnecessary pressure and resistance within the CPTPP regarding China’s application to join.
China’s accession will further increase the consumer base (triple) of CPTPP members and the pact members’ total GDP will expand by 1.5 times, benefiting not only all members but also contributing to the global trade and economic development. In conclusion, The Chinese journey of opening up and modernization has been steady and forward-looking starting from joining the WTO to the RCEP and now the CPTPP moreover, the BRI, CPEC and the AIIB are also open to all countries strongly indicating China’s high levels of opening-up and modernization justifying its accession with the CPTPP.
—The writer is Executive Director, Centre for South Asia & International Studies, Islamabad, regional expert China, BRI & CPEC & senior analyst, world affairs, Pakistan Observer.
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