CPTPP is a reaction to AUKUS. I am still a but confused though what is China's true objective with that one though. Is it joining or is it getting denied and then being able to criticize Aus + Japan for prioritizing conflict?
Not really a reaction although the timing makes people think so. Since US left TPP, some members (in South America) have voiced inviting China. China responded multiple times as "actively considering it and examining it". These members are the only ones who are not in RCEP.
Two purposes as I see it:
- Put a wedge in CPTPP between members who want a big market in the place of USA to benefit from and the members who want to use CPTPP against China.
- Call bluff of members who oppose China. Force them to tell the other members whether CPTPP was and is a political ploy instead of mutual beneficial to members' economy need.
If China is rejected, the South American members may very likely joining RCEP. After all, there is no point for anybody to stuck in a much smaller but much restrictive block. That would make CPTPP irrelevant because it doesn't have a sizable common market, and all its members are in RCEP with China.
If China is accepted, CPTPP is also irrelevant because it is just another layer of RCEP for China. And most importantly, China as the biggest market and will have greatest say to what CPTPP really will be. People may argue that CPTPP's codes are tighter and tougher than RCEP, but codes are meant to be interpreted and amended, it all depends on who has the say. TPP was tougher because US made it because of its size, not because other members wanted, to some extent not even Japan wanted. It is like UN charters did not change, but the resolutions over the decades have shifted away from favoring US.