What's new: China will “actively consider” joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), a regional free-trade pact, Chinese President Xi Jinping said Friday.
Xi made the comment in a speech (link in Chinese) at a meeting of the 21-nation Asia-Pacific Economic Cooperation (APEC) hosted virtually by Malaysia.
“China welcomes the completion of the signing of (the Regional Comprehensive Economic Partnership) and will actively consider joining the CPTPP,” Xi was quoted by the official Xinhua News Agency as saying.
What’s the context: The president’s signal of possibly joining the 11-nation trade pact came less than a week after China and 14 other Asia-Pacific economies signed the Regional Comprehensive Economic Partnership (RCEP) in Hanoi to form the world’s largest free-trade bloc.
China’s Ministry of Commerce also said Thursday the country was open joining the CPTPP.
During the virtual meeting, attended by Xi and U.S. President Donald Trump, leaders discussed the coronavirus pandemic and global economic recovery, calling for more open and multilateral trade.
Related: News Analysis: China-Led Regional Trade Pact to Optimize Supply Chain in Asia-Pacific
Contact reporter Han Wei (weihan@caixin.com) and editor Bob Simison (bobsimison@caixin.com).
