APEC 2017: China says TPP deal will not impact on RCEP
China’s Foreign Ministry affirmed that the Trans-Pacific Partnership (TPP) pact will not affect the prospects for the Regional Comprehensive Economic Partnership (RCEP) deal whose negotiations are being accelerated by China among 16 economies in the Asia-Pacific.
Zhang Jun, Director General of the ministry’s Department of International Economic Affairs, made the remark on the sidelines of the APEC 2017 Economic Leaders’ Meeting in Da Nang city on November 11.
China is accelerating RCEP negotiations with the participation of 10 ASEAN economies and six partners including China, the Republic of Korea, Australia, India, Japan and New Zealand.
The RCEP and the TPP are viewed as parallel, however, they all advance to free trade, are a right direction for cooperation between APEC member economies.
Earlier, trade ministers from 11 member countries of the Trans-Pacific Partnership (TPP) agreement have agreed on core elements of the pact, which is from now on called the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
The ministers agreed not to make amendments to the original text but freeze the implementation of some clauses to ensure balance and the quality of the document in the new context.
The CPTPP is a comprehensive and high-standard agreement on the basis of balancing interests of its member countries, with regard to their development levels.
The trade pact was officially inked on February 4, 2016 among 12 countries, including the US, Canada, Mexico, Peru, Chile, New Zealand, Australia, Japan, Singapore, Brunei, Malaysia, and Vietnam. TPP is a new-generation free trade agreement with high level of commitment covering trade and non-trade issues.
However, after taking the office in January 2017, US President Donald Trump decided to withdraw his country from the pact. The remaining TPP countries are working toward a new deal that can move forward without the US.
