Asia Pacific economic cooperation is an essential part of today’s globalization process, however the process is at a crossroads with both TPP and RCEP under negotiation, write Tang Guoqiang and Wang Zhenyu.
In Beijing, many observers regard the TPP as the economic counterpart of U.S. rebalancing in Asia to contain China’s rise. On the other hand, if Beijing would participate in the talks, it could conceivable influence both the process and the future shape of the proposed trade pact.
With a new stage of reforms beginning, it is important for China to look outside its borders for economic reform. China aims to build a new major-power relationship with the U.S. and doing this should involve joining the TPP and other FTAs. Joining such agreements would bring a variety of benefits to the world’s second-largest economy.
China’s new leadership anticipates that entering Trans-Pacific Partnership (TPP) negotiations would trigger a new round of domestic reforms. Niu Tiehang elaborates on the new roadmap for Chinese reforms and the “outside-in” effects the TPP talks and the establishment of Shanghai FTZ would have on China.
The success of the Canada-EU Trade Agreement has allowed Canada to refocus its priorities on the US-led Trans-pacific Partnership trade talks and potentially paves the way for a larger free trade deal in the future. Hugh Stephens posits that as trade negotiations continue, Canada will position itself to take a stronger foothold in Asia.
As free trade agreements flourish around the globe, He Weiwen examines the developments between the China-ASEAN FTA and the Trans-Pacific Partnership noting that while the US and China have been left out of each negotiation respectively, it does not mean the countries are competing directly against each other.
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