China 's Foreign Trade Agreements Essay
Witnessing rapidly changing levels of growth and declines of a country’s economic standing, everyone has come to recognise China as the key influence in the world economy. China has experienced a remarkable amelioration in its capability of forming various trade agreements, foreign economic policies and its status as a global trader that should never be underestimated by any state actors.
Bilateral and Plurilateral Agreements
Since China acceded to the World Trade Organisation in 2001, it has been actively participating in free trade agreements in both bilateral and regional levels. Two most notable motivations for China are improving export industries and domestic reform. Recently, 70% of all goods manufactured in China were exported*. This delineates that continued export growth is seen as vital to China’s unceasing development. Also, China seeks to negotiate free trade agreements to sustain international disciplines which will support domestic reforms that will eventually add competition and spur to improved efficiency of domestic production in China.
China currently has free trade agreements with 13 entities, of which most are bilateral.*(gvtwebsite) These agreements cover a broad range of countries in both Asian and Non-Asian states, including Korea, Singapore and Switzerland. The relationships also reach from developing to developed countries, ranging from Pakistan to Norway. China hopes to gain more market access and further reduce tariffs by taking a…