Chinese President Xi Jinping has got a statement saying that the grouping, “must continue to promote regional economic integration and establish an Asia-Pacific free trade zone at an early date”. The free trade pact was initiated by the US but, was abandoned by the ex-US President Donald Trump. This means that the People’s Republic of China is now taking the chance to increase the influence on globalized rules of commerce. Therefore, this is another chance for China to defy Trump and his policies. Therefore, now we can say that Chinese President Xi Jinping is actively participating in world commercial policies.
More About Xi Jinping And His Decision :
The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is a more upgraded version of the treaty that was once struck and backed by the former US President Barack Obama. This deal was initiated in order to curb the power that China was getting in Asia. Thus, we can say that this deal will bring a lot of changes and Xi Jinping will has sought to join this program.
The deal was deemed as an unfavorable multilateral one by Trump after he won the 2016 election race and therefore, turned himself away from this deal. Regardless, 11 countries have agreed to sign the treaty which is quite a big number. According to Xi Jinping in a statement, he seeks to work towards establishing a free-trade zone for the Asia-Pacific region and this is what everyone is talking about. The Chinese State Media reported that the President is going to actively join the CPTPP and take part in free trade negotiations.
“If Xi’s statement of interest is pushed forward in the coming weeks and months, it will, of course, lead to a lot of questions from current members, prospective members and others that are not thinking of CPTPP membership at all”. This statement was given by Elms who is the executive director for the Asian Trade Centre.
Xi Jinping made this statement after around 2 weeks of signing the world’s biggest trade and commerce deal, the Regional Comprehensive Economic Partnership. This is the most important deal in regards to the trade laws regarding 14 other nations, and also, the 15th once being China. However, the US has been left out of this deal which makes quite a bold statement by China as this deal will be affecting over 30 percent of the entire world’s economic output. This is certainly big and bold.