China to use several channels to speed up accession to CPTPP

25 Mar '24

2 min read

Pic: Adobe Stock

Insights

China will use a gamut of channels to engage in multilevel exchanges to accelerate accession to the multilateral trade pact CPTPP.
"We have proactively aligned our policies and legislation with the CPTPP rules in relevant areas and are well-prepared for market access offers in goods trade, trade in services and investment," a government spokesman said.

China’s commerce ministry recently said the government will use a gamut of channels to engage in multilevel exchanges to accelerate accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

Ministry spokesman He Yadong said China is fully confident and capable of meeting the high standards set by the CPTPP.

The government has comprehensively evaluated the agreement's content, He was cited as saying by a state-controlled media outlet.

Members of the CPTPP, which took effect in December 2018, are Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.

"We have proactively aligned our policies and legislation with the CPTPP rules in relevant areas and are well-prepared for market access offers in goods trade, trade in services and investment," he said, adding the government has carried out reforms and pilot projects in related areas. The efforts have achieved encouraging results, he noted.

Further efforts will be made to end practices that hinder fair competition and refine the bidding process, ensuring foreign companies can participate in setting standards and join committees under equitable conditions, according to an action plan released recently by the General Office of the State Council.

China had signed 22 free trade agreements with 29 countries and regions as of January this year, covering about a third of its total foreign trade volume.

Fibre2Fashion News Desk (DS)

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