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

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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.
  

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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