Illustration: Liu Xiangya/GT

TheMK sport UK officially became the 12th member of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) on Sunday, marking its largest trade deal since Brexit, according to Reuters. This development is advantageous for both the UK economy and the broader landscape of global free trade.

As global free trade encounters various challenges, including geopolitical tensions and rising protectionism, the expansion of the CPTPP becomes increasingly vital for international trade. Following the UK's application, China is the next major economy applying to join the CPTPP. If China becomes a member, this could represent a substantial boost to free trade.

While the CPTPP's predecessor, the TPP, was initially influenced by geopolitical factors under US influence, its significance in global trade has increased since the US withdrawal. The CPTPP fosters economic integration, lowers trade barriers, and enhances cooperation among member economies. If the deal can further reduce political interference, it has the potential to play an even more significant role in bolstering global trade.

The CPTPP has been hailed as a gateway to growth by the UK. The accession will strengthen the UK's ties with some of the world's most dynamic economies, with a combined GDP of 12 trillion pounds ($15.14 trillion) including the UK, according to a statement on the site of the UK's Department for Business and Trade. The UK estimates the pact may be worth around $2.5 billion a year in the long run, according to Reuters.

Against the backdrop of a global economy that is facing multiple headwinds, the Asia-Pacific region has become one of the important engines of global economic growth. As a major free trade agreement for the Asia-Pacific region, if the CPTPP can include China and the most important economies and trading nations in the Asia-Pacific region and globally, its positive effects on regional and global economic and trade growth will continue to emerge.

If political interference is excluded, the benefits of China's accession to the CPTPP are clear. Its scale and influence would increase significantly, generating significant positive effects. China joining the pact would result in a tripling of the consumer base and a 1.5-fold expansion of the combined GDP of the partnership, according to China's Vice Minister of Commerce, Wang Shouwen.

For CPTPP members, China's potential accession could diversify trade relationships and open significant market opportunities, particularly in the context of rising protectionism and geopolitical tensions. Increased collaboration and trade with China could facilitate technology transfer and innovation among CPTPP countries, enhancing competitiveness.

China's vast market and robust investment capabilities could also boost foreign direct investment (FDI) growth in CPTPP countries, benefiting their economies and creating jobs, potentially leading to higher GDP growth and improved living standards in these countries. 

Among the 12 existing member countries of the CPTPP, eight have China as their largest trading partner, while Japan and Singapore both maintain substantial investments in China. For the UK, which has just joined the CPTPP, China's potential accession could promote trade between the two countries. British companies would enjoy better accessibility to the Chinese market, benefiting from lower tariffs.

China attaches great importance to joining the CPTPP. In keeping with the accession procedure, we conducted exchanges with CPTPP members at various levels and through multiple channels, and provided the CPTPP Committee with external communication documents on China's accession to the CPTPP, fully demonstrating China's determination, ability and actions to meet the high standards of the agreement, He Yongqian, a MOFCOM spokesperson, said in November.

However, the US continues to cast a shadow over the CPTPP, as US allies within the agreement may still show a negative attitude toward China's accession. These nations appear not to have learned any lessons from the flip-flop in the US' stance on the TPP.

To address the uncertainties in global trade, CPTPP member countries need to aim to minimize political interference and promote win-win cooperation to strengthen free trade. This pragmatic approach can help mitigate the impacts of geopolitical tensions and protectionism.

While reinforcing multilateral cooperation, it is crucial to get rid of geopolitical influence and expedite the inclusion of China, the world's second-largest economy, which is increasingly committed to expanding opening-up and steadfastly supporting multilateral free trade. If the CPTPP can facilitate this process, it would significantly enhance regional economic and trade cooperation and contribute positively to global trade.

The author is a reporter with the Global Times. [email protected]