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China will likely fail in its CPTPP bid — but it’s a ‘smart’ move against the U.S., say analysts

China said it applied to join CPTPP, an 11-nation trade pact formed in 2018 after the U.S. withdrew from the Trans-Pacific Partnership a year earlier.
Beijing needs the approval from all 11 CPTPP signatories to join CPTPP, and it may not succeed given its strained relationships with some member countries, said analysts.
Beijing may also have difficulties fulfilling the mega trade pact’s demands for a level playing field in areas such as state-owned enterprises, labor rights and cross-border data flows, said analysts.
Nevertheless, China’s application to join CPTPP stands in contrast to the U.S.′ lack of economic policy in Asia-Pacific, analysts said.

[Image: 106060791-1565038763500xi.jpg?v=1632374634&w=740&h=416]

China will likely fail in its bid to join the Comprehensive and Progressive Trans-Pacific Partnership — but its move to submit an application highlighted the lack of U.S. economic policy in Asia-Pacific, said analysts.

CPTPP is an 11-nation mega trade pact formed in 2018 after Donald Trump pulled the U.S. out of the Trans-Pacific Partnership a year earlier.

President Barack Obama had negotiated the TPP to deepen U.S. economic engagement in Asia-Pacific and counter China’s growing influence in the region.

All 11 signatories of the CPTPP must agree to China’s request to join before it can be admitted as a member. The countries in the CPTPP are: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.

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