China willing to join Asia-Pacific trade pact

China has filed an application to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the commerce ministry said, Report informs referring to Reuters.

Commerce Minister Wang Wentao submitted China’s application to join the free trade agreement in a letter to New Zealand’s trade minister, Damien O’Connor, the Chinese ministry said in a statement late on Sept. 16.

The CPTPP was signed by 11 countries, including Australia, Canada, Chile, Japan, and New Zealand in 2018.

Before that, it was known as the Trans-Pacific Partnership (TPP) and seen as an important economic counterweight to China’s regional influence.

Accession to the CPTPP would be a major boost for China following the signing of the 15-nation Regional Comprehensive Economic Partnership (RCEP) free trade agreement last year.

Beijing has lobbied for its inclusion in the pact, including by highlighting that the Chinese and Australian economies have enormous potential for cooperation. However, relations between the two countries have soured.