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China, Japan, and South Korea Sign Free Trade Agreement

In November 2021, the world`s largest free trade agreement was signed by China, Japan, and South Korea, signaling a historic shift in regional economic cooperation and integration. The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which includes Australia, Canada, Chile, Mexico, New Zealand, Peru, Singapore, and Vietnam, welcomed the accession of the three Northeast Asian countries, which have a combined GDP of about $21.6 trillion and a population of over 1.6 billion.

The CPTPP, which was originally negotiated as the Trans-Pacific Partnership (TPP) by the Obama administration but abandoned by the Trump administration, aims to reduce trade barriers and promote investment flows among its members, who account for about 13% of global trade. By joining the agreement, China, Japan, and South Korea hope to deepen their regional economic ties, enhance their competitiveness, and boost their exports to new markets.

China, as the world`s second-largest economy and a major trading partner of Japan and South Korea, sees the CPTPP as a way to expand its influence in the Asia-Pacific region, where the U.S. has been pushing for a Free and Open Indo-Pacific strategy. China`s accession to the CPTPP, which required it to make some concessions on state-owned enterprises, digital trade, and intellectual property, was seen as a step toward its goal of diversifying its trade relations and reducing its dependence on the U.S. and Europe.

Japan, as the third-largest economy and a traditional U.S. ally, sees the CPTPP as a way to counterbalance China`s rising power and to strengthen its economic ties with Southeast Asia, which is also a member of the agreement. Japan was one of the original TPP negotiators and played a key role in salvaging the agreement after the U.S. withdrew. Japan`s accession to the CPTPP was seen as a sign of its commitment to multilateralism and free trade, despite the recent tensions with South Korea over historical and territorial issues.

South Korea, as the fourth-largest economy and a U.S. security partner, sees the CPTPP as a way to diversify its export markets and reduce its reliance on China, which has imposed economic sanctions on South Korea in the past over the deployment of a U.S. missile defense system. South Korea was not part of the original TPP negotiations but expressed interest in joining after the U.S. withdrew. South Korea`s accession to the CPTPP was seen as a boost to its diplomatic and economic relations with Japan, which has been a source of tension between the two countries.

The CPTPP is expected to enter into force between the original members on December 30, 2021, and will be open for accession by other countries. The addition of China, Japan, and South Korea to the agreement is expected to increase its economic benefits and its geopolitical significance, as it becomes a more inclusive and diverse regional platform for trade and investment. However, the CPTPP also faces challenges and criticisms, such as the potential for exacerbating income inequality and environmental degradation, as well as the lack of transparency and public participation in the negotiations.

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