FTA 3.0 between China, ASEAN features upgrades in nine key areas

China

FTA 3.0 between China, ASEAN features upgrades in nine key areas

2024-10-11 13:19 Last Updated At：18:27

The Version 3.0 China-ASEAN free trade agreement (FTA), which concluded its upgrade negotiations at the 27th China-ASEAN Summit in the Lao capital city of Vientiane on Thursday, has made substantial upgrades across nine key areas.

The upgrades cover the following areas: the digital economy; the green economy; supply chain connectivity; standards, technical regulations and conformity assessment procedures; sanitary and phytosanitary measures; customs procedures and trade facilitation; competition and consumer protection; small and medium-sized enterprises; and economic and technological cooperation.

Through the upgraded deal, both sides will enhance mutually beneficial cooperation, effectively promoting in-depth integration of regional industrial and supply chains, advancing East Asian economic integration, and injecting robust positive momentum into their free trade and open cooperation.

The 3.0 version also incorporates rules for emerging fields such as the digital economy, the green economy, and supply chain connectivity, marking significant breakthroughs and establishing a new benchmark for regional trade and economic regulations.

"First, the rules in emerging fields have achieved new breakthroughs, with the addition of chapters on the green economy and supply chain connectivity. In the field of the digital economy, the 3.0 version has added a wider range of content such as artificial intelligence, financial technology and digital divide, so the content is more comprehensive with higher standards,” said Yuan Bo, director of the Asian Institute under the Research Institute of the Ministry of Commerce.

"There are also new developments in the rules of traditional fields. For example, in terms of customs procedures, a new service standard system has been established in terms of advance rulings, and some new cooperation mechanisms have been added. In terms of transparency, the rules and standards have also been further improved," she said.

The upgraded agreement also includes provisions for the digital economy and e-commerce, ensuring more comprehensive consumer protection. Additionally, the consensus on supply chain connectivity rules will further enhance stable and sustainable trade in goods and services between China and ASEAN countries, providing greater certainty for enterprises to expand their cooperation in these areas.

"In the field of trade facilitation, some higher-standard rules have been reached, which can further help companies reduce trade costs and promote interconnectivity and mutual access of the markets on both sides," Yuan said.

Nicaraguan FM warns of militarism revival

Nicaragua's co-foreign minister Valdrack Jaentschke has warned that militarism must never be allowed to rise again, as Japan's recent moves to lift its arms export ban and revise the pacifist Constitution continue to draw international concern.

This year marks the 80th anniversary of the opening of the Tokyo Trials, where Japan's Class-A war criminals from World War II were brought to justice.

In an interview with China Global Television Network (CGTN), Valdrack Jaentschke voiced his concern that today's world order is being undermined by interventionism and other challenges.

"It is necessary for us to remember that after the end of World War II, countries worked hard to build a new international order based on international law. However, regrettably, more than 80 years later, we are seeing that this once explored and attempted order is being challenged by interventionism, a confrontational mindset, and tendencies like 'might makes right.' These are precisely the conditions that gave rise to fascism and militarism in the past, which ultimately led to the tragedy of World War II," he said.

He said the international community has a responsibility to pursue a new international order -- one fundamentally grounded in peace.

"Looking back at the history more than eight decades ago and comparing it with today's reality, it is our responsibility to recognize that the world should, and must, build a new international order that is more just, fairer, rooted in international law, based on a logic of mutual benefit and shared success, and fundamentally grounded in peace," said the minister.

"Today, as we revisit the Tokyo Trials, it is meant to remind the world that such a tragedy must never be repeated -- and that we must do everything in our power to prevent it from happening again. We must stop that dark world -- born from militarism, interventionism, and fascism -- from ever returning," he said.