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China and the Association of Southeast Asian Nations (ASEAN) signed the China–ASEAN Free Trade Area (CAFTA) 3.0 Upgrade Protocol in Kuala Lumpur on Monday, marking the latest step in regional economic integration.
The protocol, signed by Chinese Minister of Commerce Wang Wentao and ASEAN economic ministers, updates a framework that first entered into force in 2010. According to China’s Ministry of Commerce, the upgrade expands cooperation in nine areas, including digital economy, green economy, supply chain connectivity, competition policy, and support for micro, small, and medium enterprises.
Chinese Premier Li Qiang said in a multilateral meeting between China and ASEAN members on Tuesday that the upgraded agreement “creates new opportunities for high-quality economic cooperation.” He noted that “unilateralism and protectionism have seriously impacted the international economic order” and that “external interference in the region is on the rise, due to the unreasonable tariffs imposed by some countries.”
Li warned that “power politics and economic bullying” threaten development and urged regional unity, stating that “the more severe the situation, the more firmly we must strengthen solidarity and cooperation, defend our legitimate rights through coordination, and promote stable growth through deeper collaboration.” He said China is willing to “work with ASEAN countries to build greater synergy, resist external disturbances, and jointly create a bright future.”
Commentators contend that the CAFTA 3.0 Upgrade Protocol will further lower trade barriers, promote commerce, and enhance investment facilitation between China and the ten ASEAN member states. An expert said the agreement will “enable freer flows of goods and capital, and foster an open, fair, and inclusive market benefiting both sides.”
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The protocol, signed by Chinese Minister of Commerce Wang Wentao and ASEAN economic ministers, updates a framework that first entered into force in 2010. According to China’s Ministry of Commerce, the upgrade expands cooperation in nine areas, including digital economy, green economy, supply chain connectivity, competition policy, and support for micro, small, and medium enterprises.
Chinese Premier Li Qiang said in a multilateral meeting between China and ASEAN members on Tuesday that the upgraded agreement “creates new opportunities for high-quality economic cooperation.” He noted that “unilateralism and protectionism have seriously impacted the international economic order” and that “external interference in the region is on the rise, due to the unreasonable tariffs imposed by some countries.”
Li warned that “power politics and economic bullying” threaten development and urged regional unity, stating that “the more severe the situation, the more firmly we must strengthen solidarity and cooperation, defend our legitimate rights through coordination, and promote stable growth through deeper collaboration.” He said China is willing to “work with ASEAN countries to build greater synergy, resist external disturbances, and jointly create a bright future.”
Commentators contend that the CAFTA 3.0 Upgrade Protocol will further lower trade barriers, promote commerce, and enhance investment facilitation between China and the ten ASEAN member states. An expert said the agreement will “enable freer flows of goods and capital, and foster an open, fair, and inclusive market benefiting both sides.”
The post China and southeast asian countries sign upgraded free trade agreement appeared first on JURIST - News.
Continue reading...
Note: We don't have any responsibilities about this news. Its been posted here by Feed Reader and we had no controls and checking on it. And because News posted here will be deleted automatically after 21 days, threads are closed so that no one spend time to post and discuss here. You can always check the source and discuss in their site.