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Reuters

China said on Thursday it did not feel targeted by a US-backed regional trade accord, the Trans-Pacific Partnership, but would evaluate the likely impact comprehensively.
China is not among the 12 Pacific Rim countries who have agreed Monday’s trade pact, the most ambitious in a generation. The deal faces scepticism from US lawmakers, who can vote it down.
The accord includes Australia and Japan among economies worth a combined US$28 trillion.
READ MORE: Trans-Pacific Partnership agreement doesn't look like such a great deal
While acknowledging such a pact would inevitably divert some trade and investment away from China, Beijing would assess comprehensively its potential once the official agreements were reached, Gao Hucheng, China’s trade minister, said in a interview with state media posted on the ministry’s website www.mofcom.gov.cn late on Thursday.
“The United States and the TPP members have repeatedly said that TPP does not target China, and it’s not intended to deter or exclude China,” Gao was quoted as saying.

The global trade pattern would eventually depend on the shifting structures of global industries and the competitive edge of each nation’s products, the minister said.
Gao said China would push forward regional trade blocks such as RCEP, or Regional Comprehensive Economic Partnership.
The United States and the TPP members have repeatedly said that TPP does not target China, and it’s not intended to deter or exclude China
Gao Hucheng, Chinese trade minister
RCEP, which comprises the 10-nation ASEAN club plus six others – China, India, Japan, South Korea, Australia and New Zealand – is a Beijing-backed trade framework that has gained prominence as an alternative to US plans.
If approved, the Trans-Pacific Partnership pact would cut trade barriers and set common standards from Vietnam to Canada. It would also furnish a legacy-shaping victory for US President Barack Obama and a political win for Japanese Prime Minister Shinzo Abe, who has touted TPP as a way to boost growth in an economy checked by a shrinking population.
The agreement has also been pitched as a way to counter China’s rising economic and political clout in the region.
 
 
 


US-backed Trans-Pacific Partnership trade deal 'not intended to exclude China', says Beijing

US President Barack Obama meets agriculture and business leaders to debate the benefits of the Trans-Pacific Partnership. Photo: EPA

Gao Hucheng, China’s trade minister. Photo: Reuters

It's not checkmate yet: Beijing to counter US-led Trans-Pacific Partnership trade pact

Trade ministers of the United States and 11 other Pacific Rim countries attend a press conference after negotiating the Trans-Pacific Partnership trade agreement in Atlanta. Photo: Xinhua

China left out of Trans-Pacific Partnership, but door left open for the future

China was noticeably absent at the TPP talks. Photo: Xinhua

Trans-Pacific Partnership: Who stands to benefit, suffer in the Asia-Pacific

Akira Amari, Japanese minister in charge of the Trans-Pacific Partnership talks, and Michael Froman, US trade representative at the talks. Photos: Kyodo, AP, Reuters, SCM

Japan's Prime Minister Shinzo Abe. Car and auto-parts makers will get cheaper access to US markets.

Australia's Prime Minister Malcom Turnbull. Australia will receive tariffs on everything from iron and steel products, to pharmaceuticals, machinery, paper and auto parts.

Only 93 per cent of tariffs were eliminated for New Zealand.

The fishing industy will benefit from import taxes while US and Japan will benefit from Vietnam's apparel manufacturers.

Electronics, chemical products, palm oil and rubber exporters are among beneficiaries for Malaysia.

Chinese exporters may lose some market share in the US and Japan to developing countries such as Vietnam, according to a Bloomberg economist.

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