Introduction
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, …show more content…
Recent shift in power distribution to protectionists and lack of consistency between political and economic interests in policy making render China in a tough position. Moreover, free trade agreements are a relatively new concept for China. This means that the government, along with academics and policy experts, ought to explore the costs and benefits of them yet. After cautious analysis and approach, China with fruitful trade agreements will then be presented with strong regional identity, improvement export markets and foreign
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, …show more content…
Recent shift in power distribution to protectionists and lack of consistency between political and economic interests in policy making render China in a tough position. Moreover, free trade agreements are a relatively new concept for China. This means that the government, along with academics and policy experts, ought to explore the costs and benefits of them yet. After cautious analysis and approach, China with fruitful trade agreements will then be presented with strong regional identity, improvement export markets and foreign