New | China steps up push for more free-trade pacts to counter US-led TPP
China has laid out a road map in its quest for free-trade agreements, pledging to reach deals with most of its neighbours and to further open up its own markets.
Its guideline, released on Thursday, aimed to create broader FTA markets and achieve closer integration with its “One Belt, One Road” strategy.
READ MORE: Trans-Pacific Partnership may do more harm than good for China
China aims to grow its trade with FTA partners so that in the near term it at least equals that between China and most developed countries and emerging markets. But it did not give a time frame.
China has stepped up its FTA talks to counter the US-led Trans-Pacific Partnership, which challenges its trade and investment in the region. The US has also embarked on discussions with the European Union on another pact, the Transatlantic Trade and Investment Partnership.
“Countries will be willing to join as long as they can benefit from lower tariffs and costs under the FTAs. They are not a political alliance, nor do they exclude members from entry into other trade treaties,” Renmin University professor Zhao Xijun said.
