China advances accession to DEPA and CPTPP: vice commerce minister

19/04/2023    106

China is actively advancing its accession to the Digital Economy Partnership Agreement (DEPA) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), Vice Minister of Commerce Wang Shouwen said on Saturday at the second Pearl River International Trade Forum, during the 133rd China Import and Export Fair, commonly known as the Canton Fair.

The Saturday session focused on the innovation and development of digital trade.

As far as DEPA is concerned, Wang said that China is negotiating on rules on e-commerce, cross-border paperless trade and cross-border data flow, as well as specific project cooperation, including the mutual recognition of digital certificates, electronic contracts and electronic documents.

"We have been engaged in in-depth discussions with DEPA members on trade facilitation issues such as paperless trade, domestic electronic transaction framework, logistics, e-invoicing, and e-payments, with a view to drive efficiency in trade," Wang said.

China has made progress in joining high-standard economic and trade agreements, the vice commerce minister said on March 2 during a press conference.

"The CPTPP and DEPA agreements represent the highest international standards in the field of economic and trade rules. As for the CPTPP, China and its members have had extensive contacts and exchanges at different levels. As for DEPA, we also have good communication with its members," said Wang.

In recent years, China has made progress in the digitization of trade management, participants said during the Saturday forum.

"China has always been a firm supporter of South-South Cooperation and international development, and Chinese companies are playing a leading role in many areas of e-commerce. The WTO is grateful to the Chinese government and Chinese enterprises for their strong support in this regard," Zhang Xiangchen, Deputy Director-General of the WTO, said on Saturday during the Forum.

Jiang Xiaojuan, a professor at the Chinese Academy of Social Sciences, said at the forum that China has a very strong digital competitiveness, and "we should actively promote digital globalization among countries and international organizations."

According to Wang, the Ministry of Commerce (MOFCOM) has formulated a plan for the construction of the Global Trade Digitalization Pilot Zone in the Guangdong-Hong Kong-Macao Greater Bay Area to support South China's Guangdong and other local governments in conducting pioneering experiments in the field of trade digitalization.

While promoting the digitalization of trade management and trade methods, the MOFCOM is actively studying and promoting the upgrade of the digitalization of trade links, services and entities, said Wang.

Source: Global Times