China and Free Trade: New Agreements and Partnerships
The Chinese government considers Free Trade Agreements (FTAs) as a new platform for further opening up to the outside world and accelerating domestic reforms, and an effective approach for integrating into the global economy and promoting economic cooperation with other economies. Current Status of China’s Free Trade Agreements Currently, China has 24 free trade agreements under construction, of which 16 agreements have been signed and implemented. Regional Comprehensive Economic Partnership (RCEP) The Regional Comprehensive Economic Partnership, signed by 15 countries in Asia-Pacific – China, Japan, South Korea, New Zealand, Australia, and the ten member states of the Association of Southeast Asian Nations (ASEAN) – is the world’s largest free trade agreement. Key Free Trade Partnerships: Economic Benefits: Challenges and Considerations: Despite the benefits, China’s free trade agreements face challenges: Future Outlook: China continues to expand its free trade agreement network, with particular focus on: