China could consider joining the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) to cushion the shock from the ongoing trade war with the US, Wang Huiyao, founder and director of think tank Center for China and Globalization, wrote for its official website.
China has been expanding its influence, from advancing the Belt & Road Initiative to speeding up the Regional Comprehensive Economic Partnership.
Wang argued that with the US crippling the World Trade Organization (WTO) by blocking judge appointments, China needs a new mechanism to uphold economic globalization and free trade. Joining the CPTPP presents a good opportunity, Wang said.
CPTTP membership would allow the country to push its domestic agenda, like State-owned enterprise reform, intellectual property protection and service industry growth, all while expanding exports and helping its businesses go global, Wang wrote.
He added the CPTPP’s requirements for goods, services, e-commerce market entry and intellectual property line up with the country’s reform needs.
The existing CPTPP members are also seeking new members, several of which have welcomed China’s membership, the expert said. China-Japan relations have been warming since last year. As the CPTTP’s leading nation, Japan wants China’s membership to strengthen the arrangement and enhance bilateral ties.
It is not too late for China to reconsider its stance, especially when China-US trade negotiations are at a critical stage and the country is likely to relax its market threshold, he argued.
Wang contended that time is of the essence as the ongoing Japan-US trade talks may result in a deal that would hinder China’s accession. If China joins before a possible US entry, it will have a strong advantage, Wang wrote.
Old Version
