The conclusion of China-ASEAN negotiations on the version 3.0 of their free trade area further enhances the frameworks of economic and trade cooperation between the two sides, and solidifies the foundation of rules-based cooperation, an expert said in Beijing on Wednesday.
China and the ten ASEAN countries have fully completed negotiations on the Version 3.0 China-ASEAN Free Trade Area (FTA), the Ministry of Commerce announced on Wednesday.
The new trade agreement, finalized at a time when global trade protectionism is on the rise, sends a strong message that multilateralism and free trade are essential drivers for global economic growth, according to Ma Jianchun, president of the China Society for WTO Studies.
Noting that the China-ASEAN FTA is the largest free trade area of the world's developing countries, the expert emphasized that through the integration and interoperability of standards and regulations, it has broken the old model where rule-making and standard-setting were traditionally dominated by developed countries.
"China and the ASEAN countries demonstrated respect for free trade and rules throughout their negotiations this time. All of us upheld free trade and multilateral trade rules in the first place, and on this basis we had a foundation to negotiate. Throughout the process, we adhered to equality, reciprocity, and mutual benefit," said Ma.
The expert also said that the cooperation between China and the ASEAN countries is a pace setter for economic globalization and regional economic integration. The conclusion of the China-ASEAN FTA 3.0 negotiations is both out of the objective requirement in the process of cooperation and development, and a guiding force and guarantee for the long-term stability and sustainability of the partnership between the two sides.
"We need certainty in trade. Certainty is a guarantee to ensure that trade between China and ASEAN countries remains stable and sustainable. Beyond that, certainty is also a safeguard for smooth global economic and trade activities. So we are actively using the certainty in our economic cooperation to offset the impacts and adverse effects that various uncertainties may have on global trade," said Ma.
Upgrade in China-ASEAN trade relations injects certainty into global economy: expert
