China joining trade pact will benefit region
China has submitted the documents for joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, which if successful is expected to bring tangible economic benefits to participating countries and further bolster economic integration of the Asia-Pacific region, an expert said.
China is advancing the process, and the country has both the willingness and capability to join the pact, Vice-Commerce Minister Wang Shouwen said during the Asia-Pacific Economic Cooperation China CEO Forum held in Beijing on Saturday.
The CPTPP is a free trade agreement involving 11 countries — Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam — which came into effect in December 2018. China joining the pact would result in a tripling of the consumer base and a 1.5-fold expansion of the combined GDP of the partnership.
China has taken the initiative to align with the high standards of the CPTPP, and also implemented a pioneering approach of reform and opening-up in related fields. China's accession to the partnership would bring benefits to all members of the CPTPP and add new impetus to trade and investment liberalization in the Asia-Pacific region, said the Ministry of Commerce.
Wang said that China would continue to open its doors for development and actively promote high-level opening-up. China has relaxed the access of foreign investment in the manufacturing industry and is comprehensively opening up its service sector in an orderly manner, Wang added.
Zhang Jianping, head of the Center for Regional Economic Cooperation at the Beijing-based Chinese Academy of International Trade and Economic Cooperation, said, "China's potential accession to the CPTPP would bring tangible economic benefits to the participating countries and further bolster economic integration of the Asia-Pacific region."
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"With a new FedEx South China operation center set up in Guangzhou, Guangdong province, we will further increase the capacity and efficiency for the shipments between China and other trading partners. We have introduced autonomous delivery vehicles and AI-powered sorting robots in the China market," said Eddy Chan, senior vice-president of FedEx and president of FedEx China.
Reporter: Zhu Wenqian and Zhong Nan