HomeWorldAsiaChina and ASEAN reinforces key cooperation areas

China and ASEAN reinforces key cooperation areas

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Kunming, 28 June 2023 (TDI): Chinese Vice Commerce Minister Wang Shouwen reinforces China’s commitment to strengthening cooperation between China and the Association of South Asian Nations (ASEAN) in key areas such as digital and green economy, as well as supply and industrial chains.

He recently addressed delegates at the third round of negotiations on Version 3.0 of the China-ASEAN Free Trade Area (FTA). This collaborative effort aims to foster the development of bilateral economic and trade relations while promoting regional economic integration.

The negotiations in Kunming, the capital of Yunnan province, have seen the participation of approximately 370 government officials from both China and ASEAN countries.

This substantial representation underscores the significance of the discussions and the shared commitment to advancing economic cooperation.

During his address, Vice Commerce Minister Wang emphasized China’s readiness to collaborate with ASEAN countries in improving the level of open cooperation within Version 3.0 of the China-ASEAN FTA.

The objective is to establish an inclusive, modern, comprehensive, and mutually beneficial agreement, further elevating the existing comprehensive strategic partnership between both sides.

The negotiations, officially launched in November 2022, mark a crucial milestone in the continued efforts to deepen ASEAN-China cooperation. The forthcoming Version 3.0 of the China-ASEAN FTA holds immense potential for bolstering economic ties and facilitating greater regional integration.

By focusing on areas such as the digital and green economy, as well as supply and industrial chains, the agreement will align with current global trends and contribute to sustainable and resilient growth.

Also Read: Analyzing role of RCEP in China-ASEAN Ties

It will pave the way for increased trade and investment opportunities, ultimately benefiting businesses, industries, and people across China and ASEAN member states. As negotiations progress, China and ASEAN are poised to establish a stronger foundation for economic collaboration, fostering prosperity and development for both regions.

The commitment demonstrated by the substantial participation and the shared vision for an upgraded strategic partnership reinforces the promising future of China-ASEAN cooperation.

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