China’s Accession to CPTPP: A Futuristic Orientation
Editor's Note: The author is Executive Director of the Center for South Asia & International Studies (CSAIS) Islamabad and Regional Expert on China, BRI & CPEC. The article reflects the author's opinions and not necessarily the views of Gwadar Pro.
For the further strengthen of socio-economic integration, sustainability of industrial supply chains, development of human capital and last but not least regional peace and harmony China has submitted documents for its accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) which is indeed good omen for regional economies and communities alike.
It seems that China has the economic willingness and structural capability to join the CPTPP. The accession of the CPTPP requires certain policy measures, initiation of structural reforms, administrative adjustments and last but not least, implementation of specific rules & regulations which has already been started by the policy makers of China.
To match the pre-requisite terms & conditions of the CPTPP the government of China have already initiated policies of opening-up, modernization and industrialization. At the Two Sessions held in March, Chinese President Xi Jinping announced and assured further opening-up, modernization and qualitative industrialization in the country, which is now paying its huge dividends in terms of increasing exports volumes, economic prosperity and sustainability in industrial supply chains. It would be a stimulating factor in the further consolidation and expansion of the CPTPP.
Hopefully, the Chinese desired accession will benefit all members of the CPTPP in terms of investments, industrial cooperation, trade & commerce activities, joint ventures, digitalization and e-commerce among all the member countries in the days to come.
Ultimately, it will further foster economic liberalization and political stability in the Asia-Pacific region because economic prosperity and integration of social development has direct correlation with the political stability which would create healthy good-will gestures among all the member countries of the CPTPP. It would also be good for quick economic revival, social development, new job generation and poverty eradication thus it carries holistic and comprehensive socio-economic development package for the entire region and beyond.
Obviously, economic wisdom of further diversification of macro-economy, formation of regional and global partners, regions and countries are also an important and encouraging factor in the Chinese remarkable efforts in boosting its accession to the trade bloc because CPTPP stands for complete zero-tariff regime moving towards a grand economic paradise of merchandize trade among the member countries. Thus free moving of finished products in the CPTPP would bring more socio-economic prosperity and converging of human innovations and ideas in the days to come.
It is not a planned political move to build its own economic dominance as propagated by the blind and pseudo intellectuals of the west rather a strong commitment of the Chinese government to jointly work for the further strengthening of economic ties, trade relations and industrial growth in these countries which should be appreciated.
The CPTPP was formed in 2018 after the US withdrew from it which also showed its keen interest in the economic prosperity and social stability of the region. It now comprises of 12 members after it accepted the UK in March 2023.
It predicts that if China is succeeded in accession with CPTPP, it would be big boost to regional trade and bring spirits of economic positivity, productivity and participation among the member countries. Moreover, China’s membership in the CPTPP will also boost the country's high-level opening-up and contribute to its economic recovery.
Moreover, drastic reduction in the Chinese negative list of foreign investment access and launching of more free trade pilot zones would be a value addition for the CPTPP’s future prosperity and performance.
In this regard, recent visits of Microsoft co-founder Bill Gates and Apple CEO Tim Cook, Tesla CEO Elon Musk and JP Morgan Chase & Co's CEO Jamie Dimon to Beijing vividly reflected increasing economic and investment confidence of the world multinational companies and organization in the economic potential and societal vibrancy of China, encouraging more international firms and figures to visit China for investments and partnerships.