74 Ibid 75 See Chinas Protocol on Accession to the WTO Part 1 Article 16 and US

74 ibid 75 see chinas protocol on accession to the

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74 Ibid. 75 See China’s Protocol on Accession to the WTO Part 1, Article 16 and U.S.-China WTO Market Access Agreement. Article 1. 76 Mavroidis, Petros C. and Merit Janow. “Free Markets, State Involvement, and the WTO: Chinese State Owned Enterprises (SOEs) in the Ring.” EUI Working Paper , RSCAS 2017/13 (October, 2017): 571-581. 77 China has challenged the EU’s and US’ continued use of NME methodology in trade remedy actions at the WTO. A decision on this issue will likely be one of the most important cases to be decided by the WTO. See DS515, 516. 78 WTO communication. November 26, 2018.
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The US-China economic relationship: A comprehensive approach 20 Work with U.S. allies 79 Petri, Peter A., Michael G. Plummer and Fan Zhai, “The TPP, China and the FTAAP: The Case for Convergence.” In: Tang, Guoqiang and Peter A. Petri, eds. New Directions in Asia-Pacific Economic Integration. Honolulu: East-West Center, 2014. 80 China’s largest trading partners according to the World Bank: EXPIMP/Partner/by-country. A key part of the U.S. strategy with respect to the China challenge should be to have a forward-looking trade policy to conclude free trade agreements (FTAs) with allies that raise the standards for trade. Apart from the economic benefits for the U.S. FTA partners, such agreements would create economic costs to China, which could encourage China to reform its economy and trade practices. The key U.S. rationales for negotiating the TPP, from which President Trump withdrew the U.S. in January 2017, were just that. The TPP was a high-standard agreement that would have ex- panded trade amongst the TPP parties, many of which are also U.S. allies, such as Japan, and important trading partners for China. The TPP included important new rules in areas that matter for the U.S. such as on SOEs, digital trade, and transparency and due process in the making of regulations affecting trade. With China outside the trading block, TPP would have created costs for China. According to one estimate, TPP would have decreased Chinese income by $40 billion annually and this would have grown as more countries joined the agreement. 79 Taken together, TPP would have been an important part of the “comprehensive toolkit” USTR refers to in creating pressure on China to reform. The TPP has now been reconstituted without the U.S. as the CPTPP and most of the rules for addressing U.S. concerns with Chinese trade practices, remain. The importance of the CPTPP for addressing the China challenge warrants the U.S. to reconsider its position on the agreement and re-join. In the event that bilateral FTAs remain the focus for the time being, the U.S. should aim to conclude bilateral agreements with its strategic allies in the Asia-Pacific region, such as Japan, Thailand, Vietnam, Malaysia, and other countries counted among China’s largest trading partners. 80 While the current focus of the Trump administration on bilateral FTAs is no substitute for larger regional or plurilateral trade agreements and would be time-consuming
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