China joining trade pact will benefit region
2023-06-19 16:46
The CPTPP is a free trade agreement involving 11 countries — Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam — which came into effect in December 2018. China joining the pact would result in a tripling of the consumer base and a 1.5-fold expansion of the combined GDP of the partnership.
China has taken the initiative to align with the high standards of the CPTPP, and also implemented a pioneering approach of reform and opening-up in related fields. China's accession to the partnership would bring benefits to all members of the CPTPP and add new impetus to trade and investment liberalization in the Asia-Pacific region, said the Ministry of Commerce.
Zhang Jianping, head of the Center for Regional Economic Cooperation at the Beijing-based Chinese Academy of International Trade and Economic Cooperation, said, "China's potential accession to the CPTPP would bring tangible economic benefits to the participating countries and further bolster economic integration of the Asia-Pacific region."
"We are eager to capture the opportunities in China by intensifying our focus on innovation and offering localized biotech solutions," said Tina Sejersgard Fano, executive vice-president of Novozymes.
As China introduces policies that support the development of foreign trade and cross-border e-commerce, United States-based delivery services provider FedEx has enhanced its international delivery services with practical solutions connecting the Asia-Pacific region with 170 markets worldwide.
"With a new FedEx South China operation center set up in Guangzhou, Guangdong province, we will further increase the capacity and efficiency for the shipments between China and other trading partners. We have introduced autonomous delivery vehicles and AI-powered sorting robots in the China market," said Eddy Chan, senior vice-president of FedEx and president of FedEx China.
Reporter: Zhu Wenqian and Zhong Nan