The 21st China-ASEAN Expo and China-ASEAN Business and Investment Summit is currently in full swing, highlighting China’s dedication to open markets and its ongoing efforts to strengthen economic and trade ties with ASEAN countries.
Recent discussions surrounding the China-ASEAN Free Trade Area 3.0 have seen nine rounds of negotiations, producing encouraging results. Meanwhile, the Regional Comprehensive Economic Partnership (RCEP) has been successfully enacted among all member nations. Analysts view these two pivotal free trade agreements as essential stabilizers in China-ASEAN trade relations, enriching the landscape for regional economic collaboration.
During the Expo, Deputy Minister of Commerce Li Fei emphasized RCEP’s significant role in fostering more extensive and deeper cooperation within the region. He remarked that it has established a foundational framework for economic integration throughout the Asia-Pacific and highlighted the China-ASEAN Free Trade Area as a model for “South-South cooperation.”
In recent years, China has been increasingly aligning with international standards in trade and economic regulations, enhancing its institutional openness in terms of rules and standards. The upgrade of the China-ASEAN Free Trade Area and the effective implementation of RCEP demonstrate China’s commitment to sharing development opportunities and promoting an open global economy.
At this year’s Expo, Chinese officials reiterated their goal to implement RCEP efficiently and to accelerate negotiations for the China-ASEAN Free Trade Area 3.0. They stressed the importance of continuing to broaden institutional openness and creating a more stable and seamless cross-border industrial and supply chain.
The Expo serves as a significant platform for monitoring trade between China and ASEAN, acting as a crucial bridge to enhance bilateral trade. Over the years, distinctive ASEAN agricultural products—such as bananas from the Philippines, rambutans from Indonesia, and rice from Cambodia—have successfully entered the Chinese market through this event.
A noteworthy feature of this year’s Expo is its new thematic focus on strategic emerging industries, showcasing innovations in digital technology, green energy, and smart vehicles. Countries like Singapore, Malaysia, Thailand, Vietnam, Indonesia, and Cambodia are exhibiting their high-tech advancements, marking a significant progression in the evolution of China-ASEAN trade relations.
Current trade between China and ASEAN is not only increasing in volume but is also experiencing structural optimization. Official data reveals that imports and exports of intermediate goods between China and ASEAN surged by 9.6% in the first eight months of this year, surpassing the overall growth rate of China’s intermediate goods by 4.1 percentage points.
The Ministry of Commerce has also announced initiatives to bolster trade in competitive agricultural and industrial products with ASEAN countries. Additionally, it aims to expand collaboration in emerging sectors such as digital transformation, clean energy, and artificial intelligence.
These initiatives in cutting-edge fields are anticipated to unlock more trade and investment opportunities for Chinese companies and their ASEAN partners, paving the way for new avenues of collaboration in the future.
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