Home>Top Issues

Asia-Pacific trade: opportunities exit alongside challenges

Wednesday,Mar 15, 2017

From: APD NEWS

 

With U.S president Trump’s decision to withdraw, the long-prepared Trans-Pacific Partnership (TPP) stranded, which sparks heated debate and discussion over its influence in the Asia-Pacific region. Meanwhile, the U.S. exit and its several newly-issued trade policies also arouse people’s concerns. They worry about the advent of broader backlash against free trade and globalization.

As world’s two biggest economies, China and U.S. play the pivotal role in the Asia-Pacific region, and also experience the growing economic interdependence. In the present situation, a Chinese high-level think-tank, the Center for China and Globalization (CCG) held a conference on March 13, discussing the coexisting opportunities and challenges in Asia-Pacific region and looking ahead the prospect of Asia-Pacific trade.

At the conference, Wendy Cutler, Vice-President of Asia Society Police Institute (ASPI), and former American representative at TPP negotiations, shared ASPI’s latest report over the Asia-Pacific trade. Ms Cutler said that regional trade agreements offered the best path forward to liberalize trade, raise standards, and promote broad reforms. All deals should be comprehensive and WTO-consistent, incorporate high standards and enumerate clear accession provisions to encourage greater regional integration.

In light of U.S. withdrawal from TPP, Ms Cutler also gave several suggestions, including advancing high standards, pursuing complementary opportunities for liberalization and rebuilding support for trade amid growing skepticism over globalization.

Other guests also exchanged their views and opinions over TPP and trade in Asia-Pacific region in the conference. Long Yongtu, Chairman of CCG and former Vice-Minister of Commerce of China, highlighted the importance of international trade for economic growth and creating jobs.

Voices of TPP being designed to threaten China are frequently heard, but Long Yongtu refuted that such information is misleading. Just as China’s Prime Minister Li Keqiang said at the Boao Forum for Asia, China holds an open attitude towards TPP and China is delighted to see its success.

In Long Yongtu’s perspective, TPP needs professional interpretation rather than politicization and overstatement. Further cooperation and conversation should be enhanced to promote free trade throughout the Asia-Pacific region.(APD)

 

From APD NEWS, 2017-3-14

 

  • 【China Daily】 Forging onward

    Where next for China? How China moves forward to the next stage in its development after marking 40 years of reform and opening-up was the focus of one of the most important annual forums held in Beijing.

  • Chinese case key to deciding legality of Trump’s Muslim ban?

    ‍Although a US court has suspended the Trump Muslim ban, and an appeals court rejected a White House request to reinstate it, the case is not over. The president still has several means to overturn the suspension and on Tuesday the US Department of Justice will be appealing again to have the ban to be reinstated.

  • Wang Huiyao: More talks should be held with TPP nations

    Forging ahead with the Trans-Pacific Partnership will help China share the benefits of new round of globalization.

  • 40 Years after the Return of Gaokao

    This year marks the 40th anniversary of the restoration of this system. Restoring the “Gaokao” system 40 years ago was a decision made by Deng Xiaoping. Equally important, higher education was expanded in 1977. Thus it is safe to say that the year of 1977 marks the normalization of higher education.

  • Wang Huiyao: G20 Hangzhou Needs to Strengthen Globalization

    Wang Huiyao, President of Center for China and Globalization (CCG) spoke on Global Business CCTV news program about challenges faced by globalization and his expectations for the upcoming G20 summit in Hangzhou. In response to the recent wave of anti-globalization sentiments, Dr. Wang emphasized that globalization is beneficial for all countries and should be strengthened.