China-ASEAN FTA Upgrade Adds More Certainty To Global Economy
On Tuesday, economic and trade ministers from China and ASEAN (the Association of Southeast Asian Nations) member states announced the full completion of Version 3.0 CAFTA negotiations. This enhanced agreement includes nine new chapters covering areas such as digital economy, green economy, supply chain connectivity, among others.
The landmark move for China and ASEAN, two major developing economies, underscores the enduring value of open markets and multilateral cooperation. By unswervingly supporting free trade, it not only provides greater certainty for regional and global trade, but also serves as a model of openness, inclusiveness and win-win cooperation.
Driven by the CAFTA launched in 2010, bilateral trade has seen robust growth. China has been the biggest trading partner of ASEAN for 16 consecutive years, while the 10-nation bloc has been China's biggest trading partner over the past five years. Last year, bilateral trade value rose to nearly US$1 trillion.
Fruitful economic and trade cooperation has contributed significantly to the economic growth of China and ASEAN and delivered tangible benefits to the people of these countries.
The much-anticipated upgrading of CAFTA marks a significant stride toward deepening bilateral engagement and regional economic integration, which is crucial for sustained growth of both economies. It is also a joint effort by China and ASEAN in stabilising industrial and supply chains and striving for shared prosperity and development.
China and ASEAN -- both members of the Global South -- account for a quarter of the global population and one-fifth of the global GDP, while contributing more than 30 per cent to global economic growth. Yet there are disparities in infrastructure development between China and ASEAN countries, with the "digital divide" remaining a major obstacle to economic integration. The new rules, set up through CAFTA 3.0 negotiations, will help ASEAN countries bridge the digital gap.
Moreover, joint efforts are needed to safeguard the rules-based multilateral trading system and the development rights of Global South countries at a time when increasing unilateralism and protectionism are casting a shadow on global trade prospects and disturbing the world economy.
With opening up considered a defining feature of its modernisation, China endeavours to foster a higher-standard open economy and share its development opportunities with the world. The upgrading of the CAFTA will provide a crucial institutional safeguard for building an integrated China-ASEAN mega-market.
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