China warms up to TPP

Zhang Jianping, director of the department of international economic cooperation at the Institute for International Economic Research under the National Development and Reform Commission, said China's attitude is clear, the China Daily has said.

"We are very happy to see that those TPP members can reach a consensus - because we think the TPP will be a possible approach for promoting Asia-Pacific economic integration," Zhang said at a seminar at the Center for Strategic and International Studies in Washington recently.

While saying that the TPP might be a possible approach to the Free Trade Area of the Asia Pacific, Zhang said that countries such as China and Indonesia may not feel so comfortable with the agreement.

The TPP's high standards and strict regulations to some extent may surpass the development stage for some developing economies in the region, Zhang said.

"That's why now we are making efforts to promote the Regional Comprehensive Economic Partnership (RCEP)”, he said, adding that developing economies may prefer the RCEP approach.

Zhang said he believes the third possible track to the Free Trade Area of the Asia Pacific will be for the TPP and RCEP to work together to form a new deal.

China actively promoted a road map for the FTAAP when it hosted the Asia-Pacific Economic Cooperation summit in November.

Zhang, acknowledging that China needs to reform and open up further to meet the TPP's high standards, said that China is making an effort to promote and create a regional trade network.

China is now the world's largest exporter, the second-largest economy and a global manufacturing hub. In the past few months, it concluded free-trade agreements with Australia and South Korea. (SH)

Fibre2fashion News Desk – India