JULYASIA BUSINESS OUTLOOK9CHINA'S ASIA-PACIFIC TRADE AGREEMENT & DIGITAL ECONOMY ACCORD AMBITIONS TO BE BACKED BY NEW ZEALANDFRENCH CHEMICAL MANUFACTURER TO ACQUIRE STAKE IN SOUTH KOREA'S PIAM FOR EUR 728 MILLIONNEWSROOMDuring Prime Minister Chris Hipkins' first visit to the country, New Zealand publicly supported China's membership in both an Asia-Pacific trade agreement and a digital economy pact.In September 2021, China applied to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and in November 2021, it applied to join the Digital Economy Partnership Agreement (DEPA).New Zealand "is aware of the high thresholds to which CPTPP participants must adhere," while it also "welcomes China to join the DEPA working group for in-depth discussions," according to a joint statement posted by the state-backed Xinhua News Agency.Membership in the CPTPP requires the agreement of all member nations, which include Canada, Mexico, Peru, Chile, New Zealand, Australia, Brunei, Singapore, Malaysia, Vietnam, and Japan. After applying in June 2021, the United Kingdom achieved an agreement to join in March and is set to formally sign the accord this year.The Post reported in May that China had failed to obtain a public endorsement from Australia for CPTPP membership during Australian trade minister Don Farrell's visit to Beijing, with Chinese penalties still in place on select Australian products.China and New Zealand, though, have agreed to strengthen bilateral economic cooperation on food security, agriculture, customs facilitation for trade and law implementation, as well as new technology. Arkema, a French chemicals manufacturer, announced on Wednesday a planned acquisition of a controlling stake in PI Advanced Materials (PIAM), a South Korean company, for 728 million euros ($797.2 million).According to the business, the acquisition marks a watershed moment in Arkema's evolution into a pure Specialty Materials player.The initiative is expected to provide synergies of roughly 30 million euros ($32.85 million) at the EBITDA (earnings before interest, tax, depreciation, and amortisation) level over the next five years, according to the business.Arkema announced that it would acquire Glenwood Private Equity's 54 percent ownership in PIAM in a cash deal.According to the corporation, the transaction should be completed by the end of 2023.
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