INSIDE GLOBAL ISSUES
Policy Brief No. 201537
Is China Ready for TPP?
Ni Yueju
In addition to setting the goal of free trade in goods, TPP includes trade in service, intellectual property rights, environmental protection, labor standards, and fair trade. Despite the fact that the parties somehow “sacrificed” high standards and allowed transition periods for zero tariff of certain productions to reach the agreement as soon as possible, TPP can still be seen as the top standard global free trade zone treaty in terms of the parties’ promise of cutting tariff and coverage of the treaty.
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As a result, facing TPP, we must judge the hour and size up the situation, and get well-prepared. We must deepen the reform and reinforce the opening-up to gradually adapt to the new international economic and trade rules, which will be centered around TPP, in the future.
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In addition, we should accelerate implementing free trade zone strategy to promote economic cooperation in East Asia. The US initiated TPP with a purpose of weakening China’s influence upon regional economy. China needs to take respective measures to speed up regional economic and trade collaboration with Asian economies. We should promote FTA, “10+3” and “10+6” cooperative mechanisms among China, Japan and ROK, to promise steady progression of regional economic integration in East Asia. Besides, we need to encourage BIT negotiations with the US, accelerate “Regional Comprehensive Economic Partnership” (RCEP), Free Trade Area of the Asia Pacific (FTAAP) and the “Belt and Road” strategy, to help China better fit to the international trade system and play a greater role.