(Yicai Global) June 19 -- The Chinese government has submitted an exchange document for China's accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership.

Wang Shouwen, China's commerce vice minister and deputy international trade representative, announced the document’s submission at the Asia-Pacific Economic Cooperation China Chief Executive Officer Forum 2023 on June 17.

China carried out in-depth and comprehensive research and evaluation on more than 2,300 articles of the CPTPP and sorted out the reform measures, laws, and regulations that the country needs to modify to join the group, Wang noted. China is willing and capable of joining the CPTPP, and its accession will bring benefits to all members, he pointed out.

China applied to join the CPTPP, a free trade agreement that came into force in 2018, in September 2021. Its 11 member economies -- Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam -- account for 13 percent of global gross domestic product.

China will continue to promote high-level opening-up, Wang said. The country has lifted restrictions on foreign investment in the manufacturing sector and is opening up the service sector in a comprehensive and orderly manner, he added, noting that in the future, it will also reduce the negative list of foreign investment access.

The CPTPP accession mechanism requires all members to agree and sign some measures to accept a new member, which may be key in China's negotiations in the next step, Liang Ming, director of the Institute of International Trade, which is affiliated with the Chinese Academy of International Trade and Economic Cooperation, told Yicai Global.

“Progress will also depend on our negotiations with CPTPP members,” Liang said, adding that most support China’s accession.

China is following the procedures for joining the CPTPP by communicating and consulting with members, Shu Jueting, a commerce ministry spokeswoman, said on May 25.

In addition to its efforts to join the CPTPP, China also set up a working group last August to comprehensively advance the talks on it joining the Digital Economy Partnership Agreement. The group's first technical negotiation was held online on March 28, Shu said at a press conference on April 27.

“China will continue to negotiate with DEPA members under the working group mechanism on digital products, data governance, and digital inclusion," Shu told Yicai Global.

Editor: Futura Costaglione