Asean and China launched upgrade negotiations at the 25th Asean-China Summit in 2022. my country's Prime Minister and Finance Minister Huang Xuncai announced at last year's summit that the negotiations had been substantively completed. Yan J...
Asean and China launched upgrade negotiations at the 25th Asean-China Summit in 2022. my country's Prime Minister and Finance Minister Huang Xuncai announced at last year's summit that the negotiations had been substantively completed.
Yan Jinyong pointed out that the five parties are both members of the Regional Comprehensive Economic Partnership Agreement (RCEP), and the meeting also exchanged views on how to further expand and strengthen cooperation within the RCEP, hoping to improve the level of regional economic integration and build a more resilient and diversified economic network.
This online meeting, chaired by Malaysian Minister of Investment, Trade and Industry Zafru as Chairman of the ASEAN Minister of Economic Affairs, also covers consultations with Japan, Australia and New Zealand.
He said: "By working together, we can enhance the resilience of our supply chains, promote sustainable and inclusive growth, and ensure a multilateral trading system based on rules and benefits all. Singapore is unswervingly planning the future together with ASEAN member states and dialogue partners to overcome difficulties together."
It is understood that the upgraded agreement will include nine new chapters, including green and digital economy, supply chain interconnection, standard technology laws and compliance assessment, customs procedures and trade facilitation, sanitation and phytosanitation measures, competition and consumer protection, small and medium-sized enterprises, and economic and technological cooperation.
The Ministry of Trade and Industry of China issued a statement on Tuesday (May 20) to announce the news. Vice Premier and Minister of Trade and Industry Yan Jinyong attended a series of special consultation meetings between ASEAN Economic Ministers and Dialogue Partners on the same day, and discussed issues such as regional and global economic development, supply chain resilience, and green and digital economic cooperation.
The upgrade negotiations for the 3.0 version of the ASEAN-China Free Trade Zone have been completed. The two sides will sign the upgrade protocol at the 28th ASEAN-China Summit held later this year to further deepen cooperation in traditional fields and emerging fields such as green and digital economy.
