October 11, 2024

Chinese Premier Li Qiang announced that negotiations on the Version 3.0 China-ASEAN Free Trade Area (FTA) have achieved a substantial conclusion in his opening remarks addressing the 27th China-ASEAN Summit on Thursday. Experts said that as protectionism is on the rise, deeper market integration between China and ASEAN countries is essential for fostering economic growth on both sides. Furthermore, they argue that a comprehensive and robust economic partnership could enhance security relations between China and the bloc.

Li said that the market has become the scarcest resource in the current economic development, and market resources are the most prominent advantage of China and ASEAN amid rising global uncertainties and instability, according to Xinhua News Agency.

In his opening remarks addressing the 27th China-ASEAN Summit, he noted that the global economic recovery remains lackluster, and problems such as insufficient global aggregate demand are becoming more prominent.

Read more: