US Should Rejoin CPTPP, Push Trade Deal Mega-Merger With RCEP, Former Beijing Diplomat Says
Former US President Donald Trump claimed his protectionist policies were in defense of American workers, but even while his successor, Joe Biden, has pledged to chart a separate course from Trump, he has made many of the same domestic economic promises.
At the Boao Forum for Asia in China’s Hainan Province over the weekend, a former leading Chinese diplomat suggested Washington could play a key role in uniting two Pacific-centered free trade agreements, if only it would join them.
Long Yongtu, a former Chinese vice-minister of international trade who led the country’s negotiations to join the World Trade Organization in 2001, said in Boao on Monday the recently inaugurated Biden administration could “adopt a more positive attitude towards multilateralism” by rejoining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) “so that the entire Asia-Pacific region will be very happy,” according to the South China Morning Post.
“The participation of the US would definitely be good news for the Asian regional economic integration. We need to convey such a message to the US president,” Long said, adding, “if the US cannot become a part of the Asia-Pacific trade agreement, it will be a heavy blow to the unity and cooperation of the entire Asia-Pacific region.”
Under former US President Barack Obama, Washington played a formative role in drafting the Trans-Pacific Partnership (TPP), but just three days after Donald Trump took office in January 2017, he pulled the US out of the agreement as part of what became a wide-reaching protectionist policy. The remaining 11 signatories later agreed to revive the deal as the CPTPP without the US, which included shredding nearly two dozen provisions the US had included but other states didn’t want.
Although significantly larger than CTPP, the RECP agreement contains significant overlap in terms of membership, although with the important addition of the People’s Republic of China. Several US allies and partners, including Japan, South Korea, Australia and New Zealand, are a part of both deals. Signed in November 2020, the deal contains 30% of the world’s population and 30% of its gross domestic product, making it the largest trade deal in history.
“The ball is in the US’ court,” Long said. “If the US adopts a positive attitude towards regional cooperation in the entire Asia-Pacific region, the prospect of merging the RCEP and TPP will be a matter of course.”
https://sputniknews.com/asia/202104191082674871-us-should-rejoin-cptpp-push-trade-deal-mega-merger-with-rcep-former-beijing-diplomat-says/