Among free trade agreements (FTAs), the CPTPP ranks third behind the US$26-trillion RCEP and the $21.1-trillion US-Mexico-Canada Agreement. For CPTPP members, ignoring the fact that the huge Chinese market is driving the economic recovery would be very hard, and the cost of rejecting Beijing's application will be high. China and Australia are already in the throes of a bitter economic and trade dispute, despite the two nations having an FTA. So far, the Biden administration hasn't announced any concrete trade policies for the region. But the biggest concern perhaps is that China's bid could widen divisions among CPTPP members.

Source: Bangkok Post September 27, 2021 01:18 UTC