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Upgraded free trade area to broaden fields of China-ASEAN cooperation: officials

China

China

China

Upgraded free trade area to broaden fields of China-ASEAN cooperation: officials

2024-10-12 13:39 Last Updated At:14:07

Senior officials and business leaders from ASEAN countries have emphasized that the upgrading of the China-ASEAN Free Trade Area (FTA) will broaden the areas of cooperation between the two sides, from traditional areas like agriculture to emerging fields like new energy and biotechnology.

China and ASEAN, or the Association of Southeast Asian Nations, announced on Thursday the substantial conclusion of negotiations to upgrade the China-ASEAN FTA to Version 3.0.

The construction of the China-ASEAN Free Trade Area was completed in 2010, and Version 3.0 FTA negotiations began in November 2022.

The upgraded FTA covers nine areas, including both existing areas of the China-ASEAN free trade agreement and emerging areas with huge potential for cooperation between the two sides, much to the delight of Southeast Asian businesses.

"The Version 3.0 China-ASEAN FTA and the new [western] land-sea corridor will further deepen the economic cooperation between China and Malaysia. In addition to the existing areas of cooperation, I believe we can achieve more cooperation in biotechnology, artificial intelligence, and new energy technology education," said Looi Hei Tyng, vice president of the Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM).

Under the upgrade, the FTA will incorporate rules in emerging fields such as digital economy, green economy, and supply chain, setting a new benchmark for regional economic and trade rules.

The improvement of these fields will help the sustainable development of the regional economy, enhance the connectivity and resilience of the supply chain, and support the digital transformation of China and ASEAN, according to ASEAN Secretary-General Kao Kim Hourn.

"Digital economy is important. We have to look at all of the new areas, including the green and blue economy sectors, these are also growing. We have to look at what more could be done, particularly in the agricultural sector. We hope China will continue to import more from ASEAN," he said.

Upgraded free trade area to broaden fields of China-ASEAN cooperation: officials

Upgraded free trade area to broaden fields of China-ASEAN cooperation: officials

Wang Huning, chairman of the National Committee of the Chinese People's Political Consultative Conference, on Thursday extended Spring Festival greetings to religious leaders and believers across China.

Wang, also a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, met with leaders of national religious groups ahead of the Chinese New Year. Heads of the Buddhist Association of China, the Taoist Association of China, the China Islamic Association, the Chinese Catholic Patriotic Association and the National Committee of the Three-Self Patriotic Movement of the Protestant Churches in China were present at the meeting and delivered speeches.

Wang spoke highly of the work of the religious groups in 2025, urging systematic efforts to ensure that religions in China are Chinese in orientation and ensure law-based management of religious affairs, with the aim of contributing to the realization of Chinese modernization.

He called on the national religious groups to guide religious figures and believers to develop an accurate understanding of country, history, ethnicity, culture and religion, unite more closely around the CPC and the Chinese government, and help religions in China integrate with fine traditional Chinese culture and adapt to the socialist society.

Wang also stressed the importance of strengthening the law-based governance of religious affairs.

Senior official extends Spring Festival greetings to religious groups

Senior official extends Spring Festival greetings to religious groups

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