China will explore the option of joining a trans-Pacific free trade agreement once promoted by the United States but abandoned by Donald Trump, President Xi Jinping said Friday (November 20).
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This Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) is an updated version of the Trans-Pacific Free Trade Pact (TPP), initially supported by former US President Barack Obama in an attempt to counter China's rise to power in Asia.
Donald Trump had withdrawn his country from this agreement in January 2017, denouncing “
unfavorable
”
multilateral agreements
, but eleven countries ended up signing a new version of this pact.
Addressing the Asia-Pacific Economic Forum (APEC) meeting, Xi Jinping said its member countries should "
continue to promote regional economic integration and establish an Asia-Pacific free trade area at an early date.
" .
China "will
actively consider joining
" the CPTPP, he said, quoted by Chinese state media.
Trump attended the Apec virtual summit hosted by Malaysia on Friday evening.
The current tenant of the White House, who continues to deny his defeat in the US presidential election, had not attended Apec meetings since 2017, which was seen in Asia as a sign of disinterest.
Xi Jinping's statements come just days after China and 14 other countries in Asia and the Pacific signed a Beijing-promoted trade deal that aims to create a massive free trade area.
This Regional Comprehensive Economic Partnership (RCEP) is the world's largest trade agreement in terms of Gross Domestic Product, analysts say, and will affect more than 2 billion people.
The deal, whose members represent 30% of global GDP and which excludes the United States, was seen as a major coup for China as Washington retreats.
Singapore-based international trade expert Deborah Elms believes that if China joins the CPTPP, other countries could follow suit.
"
If Mr. Xi's expression of interest comes to the fore in the weeks and months to come, it will of course spark a lot of questions from current members, potential members and others who don't think so. all join the CPTPP,
”she argued.
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