Economy
We Must Counter China’s Trade Influence by Joining CPTPP

Published
8 months agoon

On Sept. 16, China formally applied to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), formerly the Trans-Pacific Partnership (TPP), from which the Trump administration withdrew the United States in 2017.
RELATED: Biden and China: What We Should Expect
We Must Counter China’s Trade Influence by Joining CPTPP
The Comprehensive and Progressive Agreement for Trans-Pacific Partnership is comprised of 11 countries: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam. The 11 CPTPP members must all agree to allow China to join the group.
Due to China’s non-market trade practices and economic coercion tactics, this unanimous affirmation seems unlikely. However, China has clearly made a stand where the United States has been unable to, and should they join the CPTPP, it stands to reason that they could block the United States from future membership.
For reference, U.S. animal food exports to Comprehensive and Progressive Agreement for Trans-Pacific Partnership countries represent $5.6B and are critical to the animal food industry.
Leading members of the Senate Finance Subcommittee on International Trade, Customs, and Global Competitiveness are urging the United States to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, emphasizing the need to assert U.S. leadership in the Asia-Pacific region.
The administration has not ruled out applying to CPTPP, but President Joe Biden has indicated that he would seek changes to CPTPP prior to joining. However, if China is successful in joining the CPTPP, the United States’ chances of joining would be impossible given all members, including China, would have to agree to the U.S. join.
The irony here is that the pact was originally created with the intent to counter China’s trade influence, and the United States walked away from it.
Nevertheless, the administration has said from the start that its priority is focusing on domestic issues before considering any new trade agreements and we have a long way to go.
The United States is not the only country that would be negatively affected by China’s accession. On Sept. 22, Taiwan also applied to join the CPTPP.
The political climate between China, Taiwan, and the international community is fraught, to say the least. Taiwan sees the CPTPP as another way to show independence from China and recognizes the danger to its independence and economic status, should China be accepted into the trade relationship.
The AFIA will keep members abreast as this situation unfolds.
You Might Also Like:
- ‘Fair Share’ Biden May Owe Up To $500K In Back Taxes
- Costco To Place Purchase Limits on Toilet Paper
- Biden’s Energy Policies Are a Tax on the Working Class
Keep up to date with the breaking news by following us on Facebook and Instagram.
Article Source: NewsEdge
You may like
-
As EU Mulls Russian Oil Ban, US Braces for Higher Gas Prices
-
Amazon Stock Split, $10 Billion Buyback In The Works
-
Identity Theft and Your Tax ID Number
-
Clean Water Act | The ‘Waters of the United States’ (WOTUS) Rule Would Expand EPA Regulatory Authority
-
The Pentagon Doubles Number of US Troops in Taiwan Under Biden
-
UI Mask Mandate to Continue After Break
SIGN UP FOR BNA NEWSLETTERS

Sales of Existing Homes Decreased in April, Lowest Level Since June 2020

Senate Republicans Reject Calls for Gun Control as Response to Buffalo Shooting

Powell: Fed Won’t Hesitate to Keep Hiking Up Rates Until Inflation Goes Down

Biden to Redeploy U.S. Service Personnel to Somalia, Reversing Trump’s Withdrawal Order

S&P 500, Dow Stocks Jumped on Friday in Comeback Rally Following Steep Losses in the Week

Inflation Accelerates by 8.3% in April, Remaining Near 4-Decade High

Poll: Biden’s Average Approval Rating Lower Than Trump’s by 6 Points

Burisma Board: Hunter Hired For Biden Name

New York Gov. Andrew Cuomo Places State ‘On Pause’ Tells Non-Essential Workers to Stay Home

Prominent BLM Activist Charles Wade Charged with Child Trafficking & Prostitution

A Tiny Worm Has Been Found Carrying an Antibiotic That Could Help us Fight Superbugs
Obama Is A Tyrant

COMMENTARY: Trump Has a Secret Weapon, the Democratic Party

US Military Plane Crashes in Afghanistan with 5 Onboard

DeSantis calls Special Session to Ban Private Sector Employee Vaccine Mandates

WATCH: Donald Trump, Melania Trump Cheered at National Championship Game

WATCH: Pompeo Joins ‘Fox & Friends’ After US Airstrike Kills Top Iranian General

WATCH: Kanye West Brings Inmates and Guards to Tears During Surprise Gospel Concert at Texas Jail

WATCH: Trump Receives Standing Ovation at Alabama Football Game

WATCH: Taco Bell Foundation Surprises Worker With Scholarship Money
