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Sep 20, 2021

China Bids for Place in Pacific Trade Deal

Formerly known as Trans-Pacific Partnership, pact was seen as a means to balance China’s increasing influence

source: Honolulu Civil Beat

China’s commerce minister has indicated the country’s desire to be part of a trade deal initially formed to counter its own influence.

Honolulu Civil Beat reports Minister Wang Wentao placed China’s application with New Zealand trade minister Damien O’Connor, although the country will have to face the scrutiny of Japan before being admitted.

The Comprehensive and Progressive Agreement for Trans-Pacific Partnership, which includes 11 nations, including Australia, New Zealand, Mexico, Japan and Canada, is a free trade agreement that represents just over 13% of the world’s economy.

Former President Barack Obama led the implementation of the trade agreement in 2016, then known as the Trans-Pacific Partnership, as a means to counter China’s economic dominance in the region. Before it could be implemented, however, his successor Donald Trump exited negotiations in 2017.

Read the full report at Honolulu Civil Beat.

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