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China will rally support to set up its own free trade area
CHINA's Vice Foreign Minister Li Baodong has said the mainland will seek support for a Beijing-led Asia-Pacific free trade area at a regional summit in Peru later this month, the Voice of America in Beijing reported.
The remarks follows Donald Trump's US election victory which has dashed hopes for a US-led free trade pact, with the President-elect labelling the Trans-Pacific Partnership (TPP) championed by President Barack Obama a "disaster." There is now little chance of it coming up for vote in Washington before his inauguration in January.
At a briefing with journalists ahead of President Xi Jinping's departure for the Asia-Pacific Economic Cooperation (APEC) summit in Peru (November 19-20), Mr Li warned of the rise of protectionism and said the region needed a free trade agreement as soon as possible.
"Trade and investment protectionism is rearing its head, and Asia-Pacific faces insufficient momentum for internal growth, and difficulties in advancing reforms," Mr Li said.
"China believes we should set a new and very practical working plan, to positively respond to the expectations of industry, and sustain momentum and establish a free trade area in Asia-Pacific at an early date.".
China has proposed the Free Trade Area of the Asia Pacific (FTAAP) and the Regional Comprehensive Economic Partnership (RCEP), which some observers see as competitors to the TPP.
Mr Li said Xi's attendance in Peru showed China's "confidence in promoting the FTAAP process."
"China is always positively advancing work on its own regional free-trade strategy. We, indeed, are continuously and positively advancing RCEP negotiations," China's deputy international trade representative Zhang Xiangchen told the briefing.
Some see the demise of the TPP as an opportunity emerging for Beijing from Trump's surprise victory, which also brings greater uncertainty for US-China relations and the regional balance of power.
Ruan Zongze, a former Chinese diplomat now with the China Institute of International Studies, said the TPP would be the first casualty of Trump's election.
"Since China isn't in that bloc, we don't have anything to lose," Mr Ruan said.
The remarks follows Donald Trump's US election victory which has dashed hopes for a US-led free trade pact, with the President-elect labelling the Trans-Pacific Partnership (TPP) championed by President Barack Obama a "disaster." There is now little chance of it coming up for vote in Washington before his inauguration in January.
At a briefing with journalists ahead of President Xi Jinping's departure for the Asia-Pacific Economic Cooperation (APEC) summit in Peru (November 19-20), Mr Li warned of the rise of protectionism and said the region needed a free trade agreement as soon as possible.
"Trade and investment protectionism is rearing its head, and Asia-Pacific faces insufficient momentum for internal growth, and difficulties in advancing reforms," Mr Li said.
"China believes we should set a new and very practical working plan, to positively respond to the expectations of industry, and sustain momentum and establish a free trade area in Asia-Pacific at an early date.".
China has proposed the Free Trade Area of the Asia Pacific (FTAAP) and the Regional Comprehensive Economic Partnership (RCEP), which some observers see as competitors to the TPP.
Mr Li said Xi's attendance in Peru showed China's "confidence in promoting the FTAAP process."
"China is always positively advancing work on its own regional free-trade strategy. We, indeed, are continuously and positively advancing RCEP negotiations," China's deputy international trade representative Zhang Xiangchen told the briefing.
Some see the demise of the TPP as an opportunity emerging for Beijing from Trump's surprise victory, which also brings greater uncertainty for US-China relations and the regional balance of power.
Ruan Zongze, a former Chinese diplomat now with the China Institute of International Studies, said the TPP would be the first casualty of Trump's election.
"Since China isn't in that bloc, we don't have anything to lose," Mr Ruan said.
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