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China cautiously welcomes Trans-Pacific free trade deal | China cautiously welcomes Trans-Pacific free trade deal |
(about 7 hours later) | |
China has cautiously welcomed a free trade deal struck between 12 Pacific Rim countries, the biggest in decades. | China has cautiously welcomed a free trade deal struck between 12 Pacific Rim countries, the biggest in decades. |
The US-led Trans-Pacific Partnership (TPP) cuts trade tariffs and sets common standards in member countries including Japan and the US. | The US-led Trans-Pacific Partnership (TPP) cuts trade tariffs and sets common standards in member countries including Japan and the US. |
China said it was "open to any mechanism" that follows World Trade Organization rules. | China said it was "open to any mechanism" that follows World Trade Organization rules. |
But it did not indicate it would join the TPP, which still needs to be ratified by lawmakers in each country. | But it did not indicate it would join the TPP, which still needs to be ratified by lawmakers in each country. |
China, which was not part of the negotiations, has announced its own rival trade agreement. | China, which was not part of the negotiations, has announced its own rival trade agreement. |
The TPP, which covers about 40% of the world economy, was struck on Monday after five days of talks in Atlanta in the US. | The TPP, which covers about 40% of the world economy, was struck on Monday after five days of talks in Atlanta in the US. |
Those talks were the culmination of five years of negotiations between member countries led by the US. The deal is seen by some as a counter balance to China's growing economic influence in the Asia Pacific region. | Those talks were the culmination of five years of negotiations between member countries led by the US. The deal is seen by some as a counter balance to China's growing economic influence in the Asia Pacific region. |
'Regional stability' | 'Regional stability' |
China's Ministry of Commerce called the TPP "one of the key free trade agreements for the Asia-Pacific region", according to a statement on Xinhua state news agency website. | China's Ministry of Commerce called the TPP "one of the key free trade agreements for the Asia-Pacific region", according to a statement on Xinhua state news agency website. |
"China hopes the TPP pact and other free trade arrangements in the region can boost each other and contribute to the Asia-Pacific's trade, investment and economic growth," it said. | "China hopes the TPP pact and other free trade arrangements in the region can boost each other and contribute to the Asia-Pacific's trade, investment and economic growth," it said. |
Japanese Prime Minister Shinzo Abe said on Tuesday the deal signified a "new Asia-Pacific century", but added that it would have strategic meaning if China joined in the future. | Japanese Prime Minister Shinzo Abe said on Tuesday the deal signified a "new Asia-Pacific century", but added that it would have strategic meaning if China joined in the future. |
"It would contribute largely to our nation's security and Asia-Pacific regional stability," he said. | "It would contribute largely to our nation's security and Asia-Pacific regional stability," he said. |
What is the TPP? | What is the TPP? |
How did it start? With a trade agreement signed 10 years ago between Brunei, Chile, New Zealand and Singapore. | How did it start? With a trade agreement signed 10 years ago between Brunei, Chile, New Zealand and Singapore. |
How big is it? Pretty big. The 12 countries have a population of about 800 million and are responsible for 40% of world trade. | How big is it? Pretty big. The 12 countries have a population of about 800 million and are responsible for 40% of world trade. |
What are the criticisms? That negotiations have been conducted in secret, and that it favours big corporations. | What are the criticisms? That negotiations have been conducted in secret, and that it favours big corporations. |
Who benefits most? Japan stands to reap huge economic benefits from the deal, while for the US it is an important strategic move. | Who benefits most? Japan stands to reap huge economic benefits from the deal, while for the US it is an important strategic move. |
What happens next? The agreement will need to be ratified by each of the individual member countries. | What happens next? The agreement will need to be ratified by each of the individual member countries. |
What people say about TPP | |
What is the TPP and why does it matter? | What is the TPP and why does it matter? |
TPP trade deal: Winners and losers | TPP trade deal: Winners and losers |
Japan has made concessions to open its market wider to food exporters including Australia, New Zealand and the US. | Japan has made concessions to open its market wider to food exporters including Australia, New Zealand and the US. |
Under the deal, 98% of tariffs will be eliminated on a wide range of products including: dairy, beef, sugar, wine, rice, horticulture and seafood, manufactured products, resources and energy. | Under the deal, 98% of tariffs will be eliminated on a wide range of products including: dairy, beef, sugar, wine, rice, horticulture and seafood, manufactured products, resources and energy. |
Australia's Prime Minister Malcolm Turnbull called the TPP "a gigantic foundation stone for our future prosperity". | Australia's Prime Minister Malcolm Turnbull called the TPP "a gigantic foundation stone for our future prosperity". |
Australian sugar cane-growers are unhappy, however, because they wanted more access to the US market than was agreed upon. | Australian sugar cane-growers are unhappy, however, because they wanted more access to the US market than was agreed upon. |
Canada and Japan have agreed to allow greater access to their tightly controlled dairy markets, while New Zealand convinced the US to accept more of its milk products. | Canada and Japan have agreed to allow greater access to their tightly controlled dairy markets, while New Zealand convinced the US to accept more of its milk products. |
Prime Minister John Key said this meant "more jobs, higher incomes and a better standard of living". | Prime Minister John Key said this meant "more jobs, higher incomes and a better standard of living". |