From October 25-26, Chinese Premier Li Qiang paid an official visit to Singapore at the invitation of Prime Minister Lawrence Wong.
Then, from October 27-28, at the invitation of Prime Minister Anwar Ibrahim of Malaysia, the current rotating chair of the Association of South East Asian Nations (ASEAN), he attended the 28th China-ASEAN Summit, the 28th ASEAN Plus Three Summit, the 20th East Asia Summit and the fifth Regional Comprehensive Economic Partnership (RCEP) Leaders’ Meeting in the Malaysian capital Kuala Lumpur.
Prior to the China-ASEAN Summit, Li and Anwar witnessed the signing of the CAFTA [China ASEAN Free Trade Agreement] 3.0 Upgrade Protocol.
Beyond tariff cuts and smoother trade, the upgraded document expands cooperation into nine areas, namely digital economy, green economy, supply chain connectivity, standards and technical regulations with conformity assessment procedures, sanitary and phytosanitary measures, customs procedures and trade facilitation, competition and consumer protection, small and medium-sized enterprises (SMEs), and economic and technical cooperation.
Following the signing of the protocol, both sides will carry out their respective domestic ratification procedures to facilitate the protocol’s early entry into force and implementation.
The original agreement, signed in 2002, was fully implemented in 2010, and upgraded to CAFTA 2.0 in 2015. The newly upgraded CAFTA 3.0 shows China’s and ASEAN’s solemn commitment to multilateralism and free trade, as well as their firm resolve to jointly build an open, inclusive, and rules-based regional integrated market and a resilient regional industrial and supply chain system that delivers mutual benefits, the Chinese Ministry of Commerce said.
The upgrade also gives SMEs wider and smoother access to the grand Chinese and ASEAN markets. “Local SMEs can now connect directly with regional markets through digital platforms – true ‘local creation, regional expansion,'” said Tan Kar Hing, deputy chairman of Malaysia’s Centre of Regional Strategic Studies.
Industries such as food, agricultural products, tourism, logistics, and digital e-commerce will be among the first to benefit from the upgrade, said Suwat Techawatanawana, executive vice president of the leading Thai bank Kasikornbank.
Speaking at the 20th East Asia Summit, Premier Li said: “Twenty years ago, the EAS was inaugurated in Kuala Lumpur. Upon reading the declaration of the first summit, we can easily discern the EAS purpose: strengthening cooperation in the spirit of equality and partnership, observing the UN Charter and other norms of international law, ensuring the effective functioning of multilateral systems, and improving people’s well-being. The constructive role of the EAS on the whole in promoting the steady and rapid development of our region over the past two decades is mainly attributable to the implementation of this founding mission.”
He added: “We should continuously build extensive consensus. Absent common understanding on some very basics, countries would hardly make good progress in their communication, consultations or business exchanges. History tells us that some common values that humanity has fostered over millennia, such as mutual respect, equality, fairness and justice, underpin both people-to-people and state-to-state interactions. To address the global transformation unseen in a century, we need to have a clearheaded and sensible judgment about the trajectory of the future. Among many others, the trend toward economic globalisation and multipolarity is irreversible, and the world must not slip back to the law of the jungle where the strong prey on the weak. Only when we embrace these basic understandings that are consistent with the common values of humanity and the trend of history, can we make the right decision at this critical juncture and move ahead in the right direction.
“Our region is home to a large number of developing countries. Growing the economy and improving people’s lives is a priority for us, and overcoming the impact of protectionism and strengthening internal growth momentum is a pressing issue we face… The more volatile the world becomes, the more imperative it is for us to uphold the authority of international law. We should all observe rules. In particular, we should jointly safeguard the UN-centred international system, support ASEAN centrality in the regional architecture, and promote cooperation in our region. At the same time, we should also actively promote reform and build a more just and equitable global governance system so as to better safeguard the interests of all.
“As a saying goes, when you are clear about the direction to go, you can surely reach your destination, no matter how far away it is. China is ready to work in concert and pursue practical cooperation with all parties to promote peace, development and prosperity both in our region and across the world.”
Speaking at the 28th ASEAN Plus Three [China, Republic of Korea {ROK} and Japan] Summit, Li said:
“I want to thank Prime Minister Anwar and our host Malaysia for the thoughtful arrangements made for this Summit. I also congratulate Timor-Leste for officially joining the ASEAN family.
Continue reading Li Qiang advances proposals for East Asian cooperation at regional meetings