Do you think that the participation of China in CPTPP (Comprehensive and Progressive Trans Pacific Partnership) will change regional balance in Asia? Comment (200 Words)
Refer - Financial Express
Enrich the answer from other sources, if the question demands.
IAS Parliament 3 years
KEY POINTS
· China has applied for joining the CPTPP (Comprehensive and Progressive Trans Pacific Partnership).
· The CPTPP is a major free trade agreement (FTA) between 11 Asia-Pacific countries that are all members of the APEC (Asia-Pacific Economic Cooperation).
· As an APEC member, China is justified in wishing to join a deal comprising 11 other APEC members.
· Technically, there can’t be any opposition to China’s joining the deal if it is willing to accept the terms and conditions for becoming a member.
· Concessions and China’s willingness to abide by the terms of the CPTPP might be influenced by several factors.
· First, the CPTPP will give it deeper access in member economy markets than some of its existing FTAs, such as the RCEP (Regional Comprehensive Economic Partnership) and bilateral FTAs with the ASEAN, and Australia and New Zealand.
· The CPTPP’s coverage of market access is much wider, both in terms of tariff cuts it entails, as well as the new generation trade issues it covers.
· Most importantly, after RCEP, joining CPTPP will enable China to firmly control trade governance in the Asia-Pacific and influence the rules of trade in the region.
· The regional economic balance can change significantly. Certainly not great news for India, US and other movers and shakers of the Indo-Pacific.
Radhalakshmi T Narayanan 3 years
Kindly Assess, Feedback would be appreciated
The Comprehensive and Progressive Transpacific Partnership was an initiative for regional grouping in 2018 with 11 initial signatories including Australia, New Zealand, Japan, Singapore, Vietnam, Mexico to name a few. The Objective of the Grouping was to increase the trade both within and external to the member states. Since then several countries have approached to join this grouping including UK, China and the controversial application of Taiwan.
China Factor
Even prior to the Application by China to join the CPTTP, China has been a major trade partner with the member states. China in the recent years has been expanding and strengthening its trade relations in the Asia Pacific region as a major Exporter as well as an booming market for Imports. China's inclusion in the RCEP along with the ASEAN countries and other bilateral trade agreements imply that China is a major player and its impact affects the Asian Markets.
Though it is unclear as regarding the extent of impact that China's participation in the CPTTP would invoke, it will suffice to say that there will be an impact. India must keep watch and formulate policy in accordance to the changing market trends and safeguard its Trade Interests.
IAS Parliament 3 years
Information about CPTPP is not required, try to bring coherence in the answer, include data to support your arguments. Keep Writing.
Nivetha 3 years
please review
IAS Parliament 3 years
Try to provide balanced conclusion. Keep Writing.
Manish 3 years
Please review !
IAS Parliament 3 years
Avoid writing names in the answer, try to include some specific examples and projects. Keep Writing.
