- Title: China pushes Asia-Pacific trade deals as Trump win dashes TPP hopes
- Date: 10th November 2016
- Summary: BEIJING, CHINA (NOVEMBER 10, 2016) (REUTERS) NEWS CONFERENCE IN PROGRESS CAMERAMAN (SOUNDBITE) (Mandarin) CHINA'S VICE FOREIGN MINISTER, LI BAODONG, SAYING: "Trade and investment protectionism is rearing its head, and Asia-Pacific faces challenges such as insufficient momentum for internal growth, difficulties in advancing reforms and accelerating the fragmenting process of regional cooperation. But as the most energetic and promising region in the world, Asia-Pacific has maintained a momentum of overall growth, and it's still the engine to lead global economic growth." MEDIA SEATED (SOUNDBITE) (Mandarin) CHINA'S VICE FOREIGN MINISTER, LI BAODONG, SAYING: "China believes we should set a new and very practical working plan, to positively respond to the expectations of industry, and sustain the momentum and establish a free trade area in Asia-Pacific at an early date." MEDIA SEATED (SOUNDBITE) (Mandarin) CHINA'S VICE FOREIGN MINISTER, LI BAODONG, SAYING: "We are all open-minded. But such a regional arrangement, free trade arrangement, should be in line with the basic rules of WTO multilateral trade mechanism, it should be open and inclusive rather than exclusive. It cannot be politicized, that's a very important rule." JOURNALIST LISTENING NEWS CONFERENCE IN SESSION
- Embargoed: 25th November 2016 09:23
- Keywords: China free trade pact Donald Trump
- Location: BEIJING, CHINA
- City: BEIJING, CHINA
- Country: China
- Topics: Government/Politics,International Trade
- Reuters ID: LVA00157V25OL
- Aspect Ratio: 16:9
- Story Text:China will seek support for a Beijing-led Asia-Pacific free trade area at a regional summit in Peru later this month, Chinese officials said on Thursday (November 10), after Donald Trump's U.S. election win dashed hopes for a U.S.-led free trade pact.
During his election campaign Trump took a protectionist stance on trade issues and labelled the Trans-Pacific Partnership (TPP) championed by President Barack Obama a "disaster". There is now little chance of it coming up for vote in Washington before his inauguration in January.
Obama had framed TPP, which excluded China, as an effort to write Asia's trade rules before Beijing could, establishing U.S. economic leadership in the region as part of his "pivot to Asia".
Briefing journalists ahead of President Xi Jinping's departure for the Asia-Pacific Economic Cooperation (APEC) summit in Peru from November 19-20, China's Vice Foreign Minister Li Baodong warned of the rise of protectionism and said the region needed a free trade agreement as soon as possible.
"Trade and investment protectionism is rearing its head, and Asia-Pacific faces challenges such as insufficient momentum for internal growth, difficulties in advancing reforms as regional cooperation fragment," Li said.
"China believes we should set a new and very practical working plan, to positively respond to the expectations of the industry, and sustain the momentum and establish a free trade area in Asia-Pacific at an early date," Li added.
Aside from Peru, Xi will also make state visits to Chile and Ecuador during a week-long trip to Latin America. Peru and Chile are both party to the now endangered TPP.
China has proposed the Free Trade Area of the Asia Pacific (FTAAP) and the Regional Comprehensive Economic Partnership (RCEP), which some observers see as competitors to the TPP.
RCEP groups the 10 members of the Association of South East Asian Nations plus China, Japan, South Korea, India, Australia and New Zealand, but not the United States.
Beijing had feared the United States would use the TPP to either force it to open markets by signing up or else to isolate it from other regional economies.
"We are all open-minded. But such a regional arrangement, free trade arrangement, should be in line with the basic rules of WTO multilateral trade mechanism, it should be open and inclusive rather than exclusive. It cannot be politicized, that's a very important rule," Li said.
Some see the demise of the TPP as an opportunity emerging for Beijing from Trump's surprise victory, which also brings greater uncertainty for U.S.-China relations and the regional balance of power. - Copyright Holder: REUTERS
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