China is reviewing CPTPP clauses, working on China-EU CAI ratification
Published: Feb 24, 2021 05:23 PM

Ministry of Commerce

China's Ministry of Commerce (MOFCOM) said that it has made informal contacts with member countries of the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) to get to know everything about the free trade pact, a vice minister said on Wednesday. 

China announced in November that it will actively consider joining the trade pact.

Chinese Vice Minister of Commerce Wang Shouwen said at a State Council Information Office meeting on Wednesday that the ministry has been assessing, researching and conducting a thorough analysis on "all the clauses" of the trade pact.

"CPTPP's content is extensive, and we are doing homework on the pact, internally," Wang said.

Wang also revealed that the ministry has had some informal contacts with member countries of CPTPP, and is planning on more such contacts with other CPTPP member countries to exchange views and conduct "technical level" communication on some issues so as to better understand and grasp the content and clauses which made up the trade deal.

The ministry also said China and the EU are proceeding in accordance to the due procedure of reviewing the China-EU Comprehensive Agreement on Investment (CAI), and are working toward inking the agreement as an earlier date.

China and the EU on December 30 last year announced the completion of negotiation on the bilateral investment treaty, after seven years of talks and 35 rounds of negotiations. 

In terms of stabilizing foreign investment, China will focus on high-quality imports and exports, the integration of trade and industries and trade facilitation to safeguard the stable growth of foreign trade and foreign direct investment, said MOFCOM.