The Prospects of China's Membership in the CPTPP After UK Joins
The Prospects of China's Membership in the CPTPP After UK Joins
On December 15, 2024, the UK officially became a member of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), a significant milestone that comes after the Brexit transition. This expansion of the CPTPP has led to renewed discussions about China's interest in joining the pact.
The CPTPP, which originated from the Trans-Pacific Partnership (TPP), has evolved to promote a high-standard framework for trade among regional economies. Initially led by the United States, the TPP saw a significant shift when the U.S. withdrew in 2017. Japan then took the lead to restructure the agreement with remaining members, resulting in the creation of the CPTPP. The new agreement retains the core provisions of the original pact but offers enhanced flexibility that aims to include more diverse economies.
China's application to join the CPTPP, put forward in 2021, has been pursued actively against this backdrop. With a pragmatic approach, China has engaged in extensive evaluations of the CPTPP's extensive set of over 2,300 provisions. The Chinese government has sought dialogue with CPTPP members and has even initiated pilot programs to align its practices with the agreement's standards.
Positive signals have emerged from several CPTPP member states, including Singapore, Malaysia, and New Zealand, indicating a supportive stance toward China's application. This growing favor underscores China's resolve to align its economic strategies with international norms and its desire to enhance regional trade partnerships.
The global economic landscape, marked by both rising protectionism and a need for increased cooperation, forms the backdrop for these developments. China's potential inclusion in the CPTPP would not only elevate the pact's status but would also lead to considerable benefits. Experts estimate that the economic gains would be significant, quadrupling in potential if China were to join, alongside a substantial increase in the consumer base.
Furthermore, the integration of China's economy into the CPTPP framework would diversify member countries' trading relationships and accelerate technological advancements through improved cooperation. The CPTPP's framework, often seen as the