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Thailand to Access Impact of China Joining CPTPP Trade Bloc

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Thailand to Access Impact of China Joining CPTPP Trade Bloc

The chief trade negotiator for the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) says Thailand may need to re-evaluate the impact of China joining the trade bloc.

According to Ms. Auramon Supthaweethum, director-general of the Trade Negotiations, many parties have been interested in and have been closely watching the CPTPP which is expected to become a larger market should China become a new member of the trading bloc.

“China’s application to join the CPTPP will strengthen alliances and expand China’s trade and investment opportunities with CPTPP members, particularly concerning participation in the supply chains of CPTPP members. That will strengthen China as a source of raw materials and important manufacturing facilities in the region, ”she said.

“The expansion of new CPTPP members to China and the UK will also make CPTPP more attractive. Thailand needs to carefully reevaluate its benefits and the resulting impact on 500 million consumers in the Asia Pacific, or about 6.7% of the world’s population with a combined GDP of $ 10.5 trillion, which is 13.3% of the total worldwide GDP. The Thai government decided to withdraw.

Thailand will fall behind on trade

According to Ms. Auramon, once the bloc includes China, the population of the CPTPP market will enlarge to more than 1.9 billion (25% of the world’s population), with combined GDP worth up to $25.3 trillion (30% of global GDP).

However, she noted the size of the CPTPP remains smaller than the Regional Comprehensive Economic Partnership which covers 15 country members, while the latter is currently regarded as the largest FTA in the world with a population of over 2.3 billion (30% of the world’s population) and a GDP valued $28.5 trillion (33.6% of global GDP).

According to Auramon, once China joins the bloc, the population of the CPTPP market will grow to more than 1.9 billion (25% of the world’s population) with a combined GDP of up to $ 25.3 trillion (30% of the world’s GDP). However, he noted that the size of the CPTPP is still smaller than that of the Regional Comprehensive Economic Association.

This also includes 15 member countries, while the latter is currently considered the largest free trade agreement in the world, with a population of more than 2.3 billion people. (30% of the world population). ) and a GDP worth $ 28.5 trillion (33.6% of world GDP).

 

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