Beijing (TDI): Chinese Premier Li Qiang announced on Thursday that negotiations for the Version 3.0 China-ASEAN Free Trade Area (FTA) have reached a substantial conclusion, marking a significant milestone in enhancing economic cooperation between China and ASEAN countries.
Speaking at the 27th China-ASEAN Summit, Li emphasized the importance of deeper market integration in the face of growing global protectionism.
Li noted that, amid global uncertainties, market resources remain the most prominent advantage for both China and ASEAN.
He highlighted the importance of further expanding and opening markets, adding that this upgraded FTA is a crucial step towards promoting free trade and cooperation in the current economic climate.
Singapore’s Prime Minister, Lawrence Wong, echoed this sentiment, stating that the FTA upgrade would send a strong message about the importance of free trade and mutual market benefits.
Also Read:Â China, ASEAN Boost Ties via BRI
Experts stressed that deeper market integration between China and ASEAN is essential for fostering economic growth.
Peng Nian, Director of the Hong Kong Research Center for Asian Studies, said this cooperation allows ASEAN countries to benefit from China’s advanced technology, while China can incorporate ASEAN nations into its supply chains to mitigate Western economic pressures, according to Global Times.
Li also addressed the ASEAN Plus Three Summit, expressing China’s commitment to working with Japan, South Korea, and other Asian nations to promote peace, prosperity, and regional connectivity.
Also Read:Â Malaysian PM Welcomes Pakistan’s ASEAN Engagement
Zhao Weihua, a scholar from Fudan University, noted that despite political tensions, economic cooperation between China, Japan, and South Korea remains a driving force behind Asia’s growth.
