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China seeks own trade deal to eclipse US-led Trans-Pacific Partnership pact
CHINA now wants its own regional trade deal to replace the US-backed Asia-Pacific regional free trade pact, Reuters reports.
China is promoting its own Free Trade Area of the Asia-Pacific (FTAAP) plan ahead of this month's Asia Pacific Economic Cooperation meeting, said the report.
Critics say Beijing is using the FTAAP to change the focus from talks on the Trans-Pacific Partnership (TPP) plan, that excludes China because partners cannot live with market restrictions in the Chinese economy.
Chinese assistant Commerce Minister Wang Shouwen told reporters he intends to press for its FTAAP scheme, which is supported by all 21 APEC members, he says.
"We hope we can adopt some concrete measures to make progress on the path to realising the (FTAAP) vision presented by leaders in 2006," Mr Wang said.
"In establishing the FTAAP, so far we have unanimous support from all members. Of course, we are still in discussion on some details," he said.
The Wall Street Journal reported the US had blocked China's efforts to use the APEC summit to push for a feasibility study on the FTAAP. "There are blockages or conflicts such as you mentioned," Mr Wang told reporters.
Some experts view efforts to set up the 12-nation TPP as an economic framework as support for Washington's "pivot" to Asia, but China is reluctant because it risks its isolation from markets in the region.
Mr Wang said China was maintaining a "positive stance" on signing the Information Technology Agreement (ITA) at the WTO, which requires signatories to eliminate duties on some IT products.
The US and Europe blame China for asking for too many exemptions to protect their position as the world's biggest electronics exporter.
China is promoting its own Free Trade Area of the Asia-Pacific (FTAAP) plan ahead of this month's Asia Pacific Economic Cooperation meeting, said the report.
Critics say Beijing is using the FTAAP to change the focus from talks on the Trans-Pacific Partnership (TPP) plan, that excludes China because partners cannot live with market restrictions in the Chinese economy.
Chinese assistant Commerce Minister Wang Shouwen told reporters he intends to press for its FTAAP scheme, which is supported by all 21 APEC members, he says.
"We hope we can adopt some concrete measures to make progress on the path to realising the (FTAAP) vision presented by leaders in 2006," Mr Wang said.
"In establishing the FTAAP, so far we have unanimous support from all members. Of course, we are still in discussion on some details," he said.
The Wall Street Journal reported the US had blocked China's efforts to use the APEC summit to push for a feasibility study on the FTAAP. "There are blockages or conflicts such as you mentioned," Mr Wang told reporters.
Some experts view efforts to set up the 12-nation TPP as an economic framework as support for Washington's "pivot" to Asia, but China is reluctant because it risks its isolation from markets in the region.
Mr Wang said China was maintaining a "positive stance" on signing the Information Technology Agreement (ITA) at the WTO, which requires signatories to eliminate duties on some IT products.
The US and Europe blame China for asking for too many exemptions to protect their position as the world's biggest electronics exporter.
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