China seeks Asia-Pacific trade deal
Print Edition
CHINA will seek support for a Beijing-led Asia-Pacific free trade area at a regional summit in Peru later this month, Chinese officials said yesterday, after Donald Trump’s election victory dashed hopes of a US-led free trade pact.
During his campaign, Trump took a protectionist stance on trade issues and labeled the Trans-Pacific Partnership championed by President Barack Obama a “disaster.” There is little chance of it coming up for vote in Washington before his inauguration in January.
Obama had framed the TPP as an effort to write Asia’s trade rules before Beijing could, establishing US economic leadership in the region as part of his “pivot to Asia.”
Briefing journalists ahead of President Xi Jinping’s departure for the Asia-Pacific Economic Cooperation summit in Peru on November 19 and 20, China’s Vice Foreign Minister Li Baodong warned of the rise of protectionism and said the region needed a free trade agreement as soon as possible.
“Trade and investment protectionism is rearing its head, and Asia-Pacific faces insufficient momentum for internal growth, and difficulties in advancing reforms,” Li said. “China believes we should set a new and very practical working plan, to positively respond to the expectations of industry, and sustain momentum and establish a free trade area in Asia-Pacific at an early date.”
Aside from Peru, Xi will make state visits to Chile and Ecuador during his weeklong trip to Latin America.
Peru and Chile are both party to the now endangered TPP.
China has proposed the Free Trade Area of the Asia Pacific and the Regional Comprehensive Economic Partnership, which some see as competitors to the TPP.
Li said Xi’s attendance showed China’s “confidence in promoting the FTAAP process.”
China’s deputy international trade representative Zhang Xiangchen told the briefing: “China is always positively advancing work on its own regional free-trade strategy. We, indeed, are continuously and positively advancing RCEP negotiations.”
RCEP groups the 10 members of the Association of South East Asian Nations plus China, Japan, South Korea, India, Australia and New Zealand, but not the United States.
Some see the demise of the TPP as an opportunity emerging for Beijing from Trump’s surprise victory, which also brings greater uncertainty for US-China relations and the regional balance of power.
Ruan Zongze, a former Chinese diplomat now with the China Institute of International Studies, said the TPP would be the “first casualty” of Trump’s election.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
