China to Promote Trade Deals Regardless of TPP, RCEP Direction

The China-backed Regional Comprehensive Economic Partnership may be the front-runner for new free trade deals.

November 28, 2016

Reuters

Negotiations for the sweeping agreement, which would include the U.S. and the 28 member states of the European Union, have progressed slowly.

Negotiations for the sweeping agreement, which would include the U.S. and the 28 member states of the European Union, have progressed slowly.

China said it will actively participate in bilateral and multilateral trade deals, with the goal of deepening reform and opening up its economy, regardless of the direction the Trans-Pacific Partnership (TPP) or the China-backed Regional Comprehensive Economic Partnership (RCEP) might take.

The statement follows U.S. President-elect Donald Trump saying he would withdraw the United States from the multi-country TPP that excludes China, putting RCEP—a rival pact that excludes the United States—as the front-runner for new free trade deals in the region.

When asked for clarification on the specifics of the planned reform, Commerce Ministry spokesman Shen Danyang said in a briefing that it was "comprehensive" and included economic reform.

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