Connect with us

China

China’s Push for an Asia-Pacific Free Trade Agreement

China’s foreign minister said that he expects November’s APEC summit to take up the issue of creating an Asia-Pacific Free Trade Area (also known as a Free Trade Area of the Asia-Pacific, or FTAAP).

Published

on

China’s foreign minister said that he expects November’s APEC summit to take up the issue of creating an Asia-Pacific Free Trade Area (also known as a Free Trade Area of the Asia-Pacific, or FTAAP).

FTAAP would mesh with China’s strategy of promoting regional integration – and would provide an alternative to the U.S.-led Trans-Pacific Partnership (TPP) talks, which currently excludes China.

Foreign Minister Wang Yi made his remarks at the Lanting Forum, which was billed by China’s Foreign Ministry as “a preview of the theme, agenda, and outcomes of the 22th APEC Economics Leaders’ Meeting.” According to Xinhua, Wang said that this November’s APEC summit will see progress on an Asia-Pacific Free Trade Area.

Leaders of TPP member states and prospective member states at a TPP summit in 2010.

Leaders of TPP member states and prospective member states at a TPP summit in 2010.

Wang hopes that APEC members will send a “clear message” on regional economic integration by advancing the FTAAP.

According to China’s vision, this massive FTA would effectively overrule the piecemeal free trade agreements that currently exist (or are under negotiation) among Asia-Pacific economies.

The FTAAP “will help to integrate regional bilateral and multilateral cooperation mechanisms and reduce the risk of overlap and fragmentation,” Xinhua paraphrased Wang as saying. Back in May, when a Chinese Ministry of Commerce official urged “quick action” on an Asia-Pacific FTA, he argued that this larger FTA “will solve the problems caused by barriers between different FTAs, such as distinct rules and requirements.”

via China’s Push for an Asia-Pacific Free Trade Agreement | The Diplomat.

Click to comment

Leave a Reply

Economics

China’s new three-child policy highlights risks of aging across emerging Asia

Thailand’s (Baa1 stable) total dependency ratio is set to jump nine percentage points to 51% by 2030 – a faster increase than China’s – which will pressure public and private savings through higher taxes and social spending, reducing innovation and productivity gains.

Published

on

Street vendor in Bangkok

Population aging in China (A1 stable) and other emerging markets in Asia will hurt economic growth, competitiveness and fiscal revenue, unless productivity gains accelerate, according to a new report by Moody’s Investors Service.

(more…)
Continue Reading

China

Clear skies over Asia’s new foreign investment landscape?

Published

on

Compounding the fallout of the US–China trade war, the global pandemic and recession have caused considerable speculation on the future of foreign investment and global value chains (GVCs). But though there is likely to be some permanent change, it will probably not be as great as politicians expect.

(more…)
Continue Reading

Most Viewed

Subscribe via Email

Enter your email address to subscribe and receive notifications of new posts by email.

Join 14,160 other subscribers

Wise

Recent