CPTPP photo: VCG

China is in contact and talks with CPTPP members regarding the accession procedures for the free trade pact, a spokesperson from the Ministry of Commerce (MOFCOM) said responding toa question raised by GT when asked about the latest developments relating to the CPTPP.

China has conducted a full study on the content of the free trade agreement, and is willing to make efforts to fully meet the CPTPP rules and standards through reform, and to make a high-level commitment to openness in the field of market access that exceeds China's existing contracting practices, so as to provide members with market access opportunities with huge commercial benefits, MOFCOM spokesperson Gao Feng said during  a routine press conference on Thursday. 

Gao also said, regarding joining into Digital Economy Partnership Agreement (DEPA), China is maintaining close contact with relevant parties and is engaged in technical consultations.

China is willing to provide cooperation opportunities and a broad market for DEPA member companies, Gao said.

Data from MOFCOM showed that China has signed 19 free trade agreements with 26 countries and regions, with free trade partners covering Asia, Oceania, Latin America, Europe and Africa. 

China's trade volume with its free trade partners accounts for about 35 percent of the country's total foreign trade. 

In 2021, the total import and export volume between China andits free trade partners with which an agreement has come into effect totaled 10.8 trillion yuan ($1.7 trillion), a year-on-year increase of 23.6 percent.

Global Times