Latest news with #CAFTA3.0
Barnama
25-05-2025
- Business
- Barnama
ASEAN-China Trade Deal Upgrade To Boost Investment, Trade — ASEAN Sec-Gen
By Nurul Hanis Izmir KUALA LUMPUR, May 25 (Bernama) -- The upgraded ASEAN-China Free Trade Area (CAFTA) 3.0 agreement, set to be signed later this year, marks a key milestone in strengthening trade, investment and connectivity between the two economic powers, ASEAN Secretary-General Dr Kao Kim Hourn said. He said the finalisation of CAFTA 3.0 was both timely and critical amid global economic uncertainty. 'Both ASEAN and China have been working on the upgrade for some time. Last year, both sides reached substantial outcomes, but only this year have we been able to finalise the full upgrade to version 3.0,' he told a pool media interview here today. Kao is leading the ASEAN Secretariat delegation to the 46th ASEAN Summit, the 2nd ASEAN-Gulf Cooperation Council (GCC) Summit, and the inaugural ASEAN-GCC-China Summit. He said the update was essential to ensure the FTA remains relevant and responsive to today's trade realities, particularly given the scale of ASEAN-China trade. 'China has been ASEAN's number one trading partner for 16 consecutive years, and likewise, ASEAN has become China's top trading partner over the past five to six years. 'That reflects the strength of our economic ties,' he said, adding that the upgraded agreement is expected to open up greater opportunities for businesses on both sides by enhancing trade facilitation, investment flows and tourism connectivity. Kao noted that together, ASEAN and China represent a market of two billion people.
The Star
24-05-2025
- Business
- The Star
Upgraded China-Asean FTA aims to be the new driving force for regional prosperity
JAKARTA (Xinhua): A special online meeting of Chinese and Asean economic and trade ministers concluded Tuesday with the announcement of the full completion of negotiations on the Version 3.0 China-Asean Free Trade Area (CAFTA), marking a critical step toward formally signing an upgraded protocol by the end of this year. Amid a sluggish global economic recovery and rising protectionism, the achievement highlights the enduring strength of free trade and open cooperation, injecting much-needed certainty into regional and global trade. Rather than merely expanding the existing framework, CAFTA 3.0 establishes a more inclusive, modern and comprehensive free trade pact that aligns with both sides' aspiration for economic transformation. Version 3.0 features nine new aspects, covering digital economy, green economy and supply chain connectivity, and addressing core issues in global industrial restructuring and sustainable development. Building on the existing CAFTA and the Regional Comprehensive Economic Partnership (RCEP), it enhances regulatory alignment and trade facilitation, paving the way for deeper regional integration and industrial synergy. As major developing economies, China and Asean have been each other's largest trading partners for years. In the first quarter of this year, bilateral trade hit 1.71 trillion yuan (US$238 billion), up 7.1 per cent from the previous year, accounting for 16.6 per cent of China's overall trade value. Their highly complementary economies form a cornerstone of regional cooperation. CAFTA 3.0 further strengthens supply chain collaboration through harmonizing rules to support a more stable and efficient regional economic network. The agreement also balances macro strategy with grassroots benefits. A dedicated chapter on small and medium-sized enterprises simplifies customs procedures and promotes credit data sharing, enabling smaller businesses to access trade opportunities. Enhanced competition policies and consumer protection mechanisms foster fairer environments while creating more jobs across Asean countries. From tariff cuts and service trade expansion to deeper rule-based integration, CAFTA's evolution mirrors the region's deepening collaboration. This institutional innovation, rooted in the principles of consultation, cooperation and shared benefits, sets a model for cooperation among developing countries and injects new vitality into global governance. China's push for high-quality development and Asean's economic transition align seamlessly with the goals of CAFTA 3.0. By bridging geographical, institutional and cultural divides, the upgrade reinforces regional stability and prosperity. Its completion sends a clear message: openness and mutual benefit remain vital to overcoming global challenges. Both sides now aim to finalize their domestic ratification procedures and sign the protocol by year-end. A more modern, efficient and resilient China-Asean trade system is set to emerge, unlocking regional potential and advancing a shared future. This progress not only strengthens multilateralism but also revitalises global free trade, underscoring that cooperation is key to collective prosperity. - Xinhua
Barnama
24-05-2025
- Business
- Barnama
China-ASEAN FTA Upgrade Adds More Certainty To Global Economy
BEIJING, May 23 (Bernama-Xinhua) -- Amid rising protectionism and unilateralism in the world, the upgrading of the China-ASEAN Free Trade Area (CAFTA) is a significant move in injecting confidence and certainty into the world economy, reported Xinhua. On Tuesday, economic and trade ministers from China and ASEAN (the Association of Southeast Asian Nations) member states announced the full completion of Version 3.0 CAFTA negotiations. This enhanced agreement includes nine new chapters covering areas such as digital economy, green economy, supply chain connectivity, among others. The landmark move for China and ASEAN, two major developing economies, underscores the enduring value of open markets and multilateral cooperation. By unswervingly supporting free trade, it not only provides greater certainty for regional and global trade, but also serves as a model of openness, inclusiveness and win-win cooperation. Driven by the CAFTA launched in 2010, bilateral trade has seen robust growth. China has been the biggest trading partner of ASEAN for 16 consecutive years, while the 10-nation bloc has been China's biggest trading partner over the past five years. Last year, bilateral trade value rose to nearly US$1 trillion. Fruitful economic and trade cooperation has contributed significantly to the economic growth of China and ASEAN and delivered tangible benefits to the people of these countries. The much-anticipated upgrading of CAFTA marks a significant stride toward deepening bilateral engagement and regional economic integration, which is crucial for sustained growth of both economies. It is also a joint effort by China and ASEAN in stabilising industrial and supply chains and striving for shared prosperity and development. China and ASEAN -- both members of the Global South -- account for a quarter of the global population and one-fifth of the global GDP, while contributing more than 30 per cent to global economic growth. Yet there are disparities in infrastructure development between China and ASEAN countries, with the "digital divide" remaining a major obstacle to economic integration. The new rules, set up through CAFTA 3.0 negotiations, will help ASEAN countries bridge the digital gap. Moreover, joint efforts are needed to safeguard the rules-based multilateral trading system and the development rights of Global South countries at a time when increasing unilateralism and protectionism are casting a shadow on global trade prospects and disturbing the world economy. With opening up considered a defining feature of its modernisation, China endeavours to foster a higher-standard open economy and share its development opportunities with the world. The upgrading of the CAFTA will provide a crucial institutional safeguard for building an integrated China-ASEAN mega-market.
Barnama
23-05-2025
- Business
- Barnama
China, ASEAN Complete Negotiation on CAFTA 3.0, Supporting Free Trade: Spokesperson
BEIJING, May 23 (Bernama-Xinhua) -- China and the ASEAN countries have completed negotiations on the Version 3.0 China-ASEAN Free Trade Area (CAFTA), sending a strong signal in support of free trade and open cooperation, a Chinese foreign ministry spokesperson said on Friday, reported Xinhua. "This is indeed good news," spokesperson Mao Ning said at a regular news briefing in response to a related question, adding that it also marks a key step towards signing the CAFTA 3.0 upgrade protocol. She noted that both China and ASEAN are firm supporters of economic globalisation and multilateralism, adding that CAFTA 3.0 will help China and ASEAN "further expand mutual opening up and jointly achieve prosperity and development."
Canada Standard
22-05-2025
- Business
- Canada Standard
Daily World Briefing, May 22
China, ASEAN fully complete negotiations on CAFTA 3.0 China and the ten ASEAN countries have fully completed negotiations on the Version 3.0 China-ASEAN Free Trade Area (CAFTA), the Ministry of Commerce said on Wednesday. The achievement was announced during a special online meeting of economic and trade ministers from China and ASEAN on Tuesday, according to the ministry. The CAFTA 3.0 will send a strong signal in support of free trade and open cooperation, said an official with the ministry, noting that the agreement will inject greater certainty into regional and global trade, and serve as a model for openness, inclusiveness, and win-win cooperation. The negotiations, which began in November 2022, concluded substantially in October 2024 after nine rounds of formal talks. The upgraded agreement introduces nine new chapters covering areas such as digital economy, green economy, and supply chain connectivity, according to the ministry. Omani FM says 5th round of Iran-U.S. talks set for Friday in Rome Omani Foreign Minister Sayyid Badr bin Hamad bin Hamood Albusaidi said on Wednesday that the fifth round of indirect talks between the United States and Iran will be held in Rome on Friday, May 23. The announcement was made in a post on his official X account. The talks, aimed at reviving stalled diplomacy over Iran's nuclear program and U.S. sanctions, are being facilitated by Oman. Four rounds have taken place since April, three in Muscat and one in Rome. Iranian Foreign Minister Seyed Abbas Araghchi said on Wednesday that Tehran was still considering whether to participate in the upcoming talks in the face of "excessive demands" from the United States, according to Iran's state news agency IRNA. "We will stand against excessive demands at the negotiating table, but we have never abandoned diplomacy," Araghchi said, adding that uranium enrichment would continue "with or without an agreement." He reiterated that Iran is prepared to offer transparency regarding its nuclear activities, but expects negotiations to also address the lifting of U.S. sanctions and embargoes imposed on the country. Israel's Netanyahu says Gaza to be fully controlled as offensive enters "final phase" Israeli Prime Minister Benjamin Netanyahu said on Wednesday that all areas of the Gaza Strip will be under Israeli security control and Hamas will be defeated by the end of the ongoing "Operation Gideon's Chariots." Netanyahu described the operation, which he said began on Saturday, as the "final phase" of Israel's military campaign. That campaign was launched following a Hamas-led attack on October 7, 2023, that killed about 1,200 people in Israel. "Our forces are landing powerful blows that will get stronger against Hamas strongholds that still exist in Gaza," Netanyahu stated, adding the operation was meant to "complete the war, the work" in the Strip. Netanyahu also said that Mohammed Sinwar, Hamas' military leader and the younger brother of former Hamas leader Yahya Sinwar, was "apparently" killed in a recent Israeli airstrike in southern Gaza. There has been no official confirmation of Mohammed Sinwar's death from either Israeli or Hamas sources. The prime minister confirmed that a May 13 strike on the European Hospital in Khan Younis was aimed at Sinwar. According to Palestinian officials, the attack caused extensive damage and heavy casualties. The Gaza-based health authorities said at least six people were killed and 40 others injured in the strike. U.S. intelligence reveals Israel preparing strike on Iran's nuclear facilities U.S.-gathered intelligence suggests that Israel is preparing to strike Iran's nuclear program, CNN has reported, citing multiple U.S. officials. The report on Tuesday also cited U.S. sources as saying that it was unclear whether Israel had made a final decision to carry out the strikes, and that within the U.S. government, there was disagreement about whether the Israeli side would ultimately decide to conduct the strikes. The likelihood of an Israeli strike on an Iranian nuclear facility "has gone up significantly in recent months," the CNN report quoted a source familiar with the intelligence as saying. The source said that the odds would be higher if the United States reached a deal with Iran that did not remove all of the country's uranium. U.S. President Donald Trump's administration has been negotiating with Iran for a diplomatic deal on its nuclear program. Earlier on Tuesday, Iran's Supreme Leader Ayatollah Ali Khamenei described U.S. demands on Iran's uranium enrichment as "excessive and outrageous," voicing doubt over the talks' prospect. Canada summons Israeli ambassador over shots near diplomatic tour Canadian Foreign Minister Anita Anand said on Wednesday that she is summoning the Israeli ambassador over Israel Defense Forces' warning shots near a diplomatic tour in the West Bank. Anand confirmed that four of Canada's personnel were part of the delegation when Israel Defense Forces fired shots. Anand wrote on her social media account that she spoke with Canada's Head of Mission in Ramallah earlier on Wednesday and that she was relieved to know Canada's team is safe. "I have asked my officials to summon Israel's Ambassador to convey Canada's serious concerns. We expect a full investigation and accountability," Anand wrote. Israel Defense Forces said that the tour group deviated from its approved route and soldiers fired warning shots with no one injured in the incident. Earlier this week, Canadian Prime Minister Mark Carney, British Prime Minister Keir Starmer and French President Emmanuel Macron issued a joint statement threatening to impose targeted sanctions on Israel in response to its renewed military offensive in Gaza. Trump unveils 175 bln USD "Golden Dome" missile shield project U.S. President Donald Trump announced Tuesday a 175 billion U.S. dollar missile defense system dubbed the "Golden Dome," appointing U.S. Space Force General Michael Guetlein to lead what Trump described as a "Manhattan Project-scale" initiative. During the Oval Office announcement, flanked by U.S. Defense Secretary Pete Hegseth and Guetlein, Trump revealed that the project would be completed within three years and would protect the entire continental United States, including Canada, from aerial threats. "It is a great day for America," Trump declared, seated beside a poster showing the continental U.S. painted gold with artistic depictions of missile interceptions. "This design for the Golden Dome will integrate with our existing defense capabilities and should be fully operational before the end of my term." The ambitious system is designed to create a comprehensive network of satellites capable of detecting, tracking, and intercepting incoming missiles. Trump touted the system would be "capable of intercepting missiles even if they are launched from other sides of the world and even if they are launched from space."
