China is making significant strides in its efforts to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Digital Economy Partnership Agreement (DEPA), according to Vice Commerce Minister Wang Shouwen. In this article, we will explore China’s latest moves towards accession to these economic agreements and what this could mean for the country’s economy and trade relations with other countries in the Asia-Pacific region.
China is actively pursuing its accession to the Digital Economy Partnership Agreement (DEPA) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), according to Vice Minister of Commerce Wang Shouwen. Speaking at the second Pearl River International Trade Forum during the 133rd China Import and Export Fair, commonly known as the Canton Fair, Wang focused on the innovation and development of digital trade.
Regarding DEPA, Wang stated that China is negotiating rules on e-commerce, cross-border paperless trade, cross-border data flow, and specific project cooperation including mutual recognition of digital certificates, electronic contracts, and electronic documents. “We have been engaged in in-depth discussions with DEPA members on trade facilitation issues such as paperless trade, domestic electronic transaction framework, logistics, e-invoicing, and e-payments, with a view to drive efficiency in trade,” Wang said.
On March 2, Wang stated during a press conference that China has made progress in joining high-standard economic and trade agreements, and that “the CPTPP and DEPA agreements represent the highest international standards in the field of economic and trade rules.” He added that China and its CPTPP members have had extensive contacts and exchanges at different levels, and that China has good communication with DEPA members.
Participants at the Saturday forum noted that China has made progress in the digitization of trade management. “China has always been a firm supporter of South-South Cooperation and international development, and Chinese companies are playing a leading role in many areas of e-commerce. The WTO is grateful to the Chinese government and Chinese enterprises for their strong support in this regard,” said Zhang Xiangchen, Deputy Director-General of the WTO.
Jiang Xiaojuan, a professor at the Chinese Academy of Social Sciences, said at the forum that China has strong digital competitiveness, and “we should actively promote digital globalization among countries and international organizations.”
According to Wang, the Ministry of Commerce (MOFCOM) has formulated a plan for the construction of the Global Trade Digitalization Pilot Zone in the Guangdong-Hong Kong-Macao Greater Bay Area to support pioneering experiments in trade digitization. While promoting digital trade management and methods, MOFCOM is actively studying and promoting the upgrade of digital trade links, services, and entities, Wang added.
