Latest news with #China-MaldivesFreeTradeAgreement
Yahoo
16-05-2025
- Business
- Yahoo
Global Times: Practicing concept of free trade and injecting certainty and stability into global development
BEIJING, May 16, 2025 /PRNewswire/ -- On May 12, a joint statement was issued following the China-US economic and trade talks in Geneva, Switzerland. Both sides promised they will establish a mechanism to continue discussions on bilateral economic and trade May 14, the US canceled 91 percent of its additional tariffs, and China reciprocated by removing 91 percent of its counter tariffs. The US also suspended 24 percent of its "reciprocal tariffs," to which China responded by suspending 24 percent of its retaliatory as "in-depth, candid and constructive," the Geneva talks yielded "substantial progress" and important consensus between China and the US, drawing significant attention from the international a world of turmoil, free trade serves as a "barometer" of the global economy. Firmly upholding the principle of free trade and defending the multilateral trading system are essential to bringing certainty and stability to global President Xi Jinping has emphasized, "We must unswervingly manage our own affairs well, and stay committed to expanding high-standard opening up."The international community views China as the biggest flag-bearer of trade and investment liberalization and facilitation in today's world, and a stabilizing force in turbulent trade Free trade is a key channel for such openness and is building a globally oriented, high-standard network of free trade zones (FTZs), accelerating the development of pilot FTZs and the Hainan Free Trade Port (FTP)… The country is committed to a more proactive strategy of opening-up, steadily expanding institutional openness, and developing a new system for a higher-level open China-Singapore Free Trade Agreement Further Upgrade Protocol and the China-Maldives Free Trade Agreement have taken effect. The Regional Comprehensive Economic Partnership (RCEP) marks its third year of implementation. As the world's largest and most promising free trade agreement (FTA) by population and trade volume and the greatest development potential, RCEP has become the main channel for economic integration in the Asia-Pacific in April this year, China and Azerbaijan expressed their willingness to launch negotiations on a free trade agreement to provide high-level institutional support for deeper trade and investment cooperation. Switzerland has also expressed readiness to strengthen cooperation with China in a rational and pragmatic manner and accelerate negotiations on upgrading the bilateral FTA for substantive Xi has stressed that history tells us that openness and cooperation are a major driving force behind dynamic international economic and trade a major trading partner to more than 150 countries and regions, China has signed 23 FTAs with 30 countries and regions, and is continuing to expand its high-standard global FTZ benefit and win-winMutual benefit and win-win are important principles of free serves as a stabilizer and ballast in international relations. Through free trade, countries leverage their comparative advantages and mitigate their disadvantages, enabling smoother and more efficient flows of production process is not a zero-sum game but one of mutual benefit - not a case of one side's gain at the other's expense, but of shared the Hainan FTP, the Haikou airport comprehensive bonded zone reported a strong start to the year: 19 aircraft and four engines underwent bonded maintenance in the first quarter, with a total value of 14.8 billion yuan, marking a 72 percent year-on-year increase. A series of open-market incentives have helped foreign airlines reduce maintenance costs by 10-15 percent, turning the zone into a new hotspot for win-win trade allows nations to develop themselves while uplifting others, fostering collective prosperity. China remains committed to the principle of mutual benefit, driving common development through its own high-quality process is not about exclusive cooperation but about building a new framework for international collaboration - not a zero-sum competition but a shared value free trade concept is not to "arm wrestle" for customers, but "hand in hand" to find partners. It will not sacrifice the interests of other countries, but will only enhance common coexistenceFree trade practices the concept of harmonious globalization is an objective requirement of the development of social productive forces and an inevitable outcome of scientific and technological progress. It is not artificially created by any specific individuals or countries, nor will it stagnate or reverse course because of Xi in 2014 proposed the BRICS spirit of openness, inclusiveness, and win-win cooperation. Today, the BRICS family has a total population of more than half of the world and nearly 30 percent of the world's economic output. It has become the "first vanguard" of the global South, injecting vitality into global economic cooperation and hands with more than 150 countries to build the BRI; creating a global development and South-South cooperation fund of $4 billion; in 2024, the trade volume with SCO member states, observer states and dialogue partners reached $890 billion, a record high; in the more than three years since the Global Development Initiative was proposed, nearly $20 billion in development funds have been mobilized and more than 1,100 projects have been carried out bilateral to multilateral, from regional to global, from consultation to sharing, China has joined hands with all parties to jointly maintain the multilateral trading system, safeguard the stability of the global industrial chain and supply chain and promote the construction of an open world Xi said, "The modernization we are pursuing is not for China alone. We are ready to work with all countries to advance global modernization featuring peaceful development, mutually beneficial cooperation and common prosperity, and to build a community with a shared future for mankind." View original content: SOURCE Global Times Sign in to access your portfolio
Times of Oman
18-03-2025
- Business
- Times of Oman
"Don't think that Maldives can prosper without...India": Former President Nasheed
New Delhi: Former Maldives President Mohamed Nasheed on Monday emphasised the crucial role India plays in the island nation's prosperity and security, stating that good relations with India are vital for Maldives' safety, security, and prosperity. Nasheed is in India to participate in the Raisina Dialogues 2025. Speaking to ANI, Nasheed said, "I don't think Maldives can prosper without very good relations with India. Our safety, security, and prosperity rely on our good relations with India." Nasheed's comments come as the Maldives faces a mounting debt crisis, exacerbated by China's lending practices and trade policies. "In the past, changes in governments have swung the relationship from being bad to good and bad to good. But recently, the new government has also patched up their differences with India, and that's encouraging," he said. Nasheed pointed out that the new government is facing difficulties in implementing the Free Trade Agreement (FTA) with China. "But there is still a difficulty with the new government implementing the free trade agreement with China and the impact that it will have not only on the Maldives but also what it can mean to India. I think it would be difficult for many in India to understand why the government had done that," he added. The China-Maldives Free Trade Agreement (FTA), implemented in January 2025, has worsened the country's economic vulnerabilities, with Maldives exports comprising less than 3% of bilateral trade, compared to China's dominating 97% import share. Notably, the Maldives is grappling with a mounting debt crisis that threatens its economic sovereignty, as foreign exchange reserves dwindle to precarious levels while substantial debt repayments loom. According to an article by human rights advocate and freelance journalist Dimitra Staikou on Medium, China's lending practices and trade policies have significantly accelerated the island nation's financial deterioration. Dimitra also highlighted that the China-Maldives Free Trade Agreement (FTA), implemented in January 2025, has worsened the country's economic vulnerabilities rather than providing relief. "Of the approximately USD 700 million in bilateral trade, Maldives exports comprise less than 3 per cent compared to China's dominating 97 per cent import share. Under the FTA, Maldives removed tariffs on 91 per cent of goods from China, a concession that has yielded little reciprocal benefit given the country's narrow export base," she wrote. The FTA has also led to a significant decline in government revenue from import duties, falling by 64% from MVR 385 million to MVR 138 million. Furthermore, the agreement has opened the Maldivian tourism sector to Chinese companies and financial institutions, with financial benefits largely flowing back to Chinese companies rather than strengthening the Maldivian economy. In contrast, India has been a significant partner for Maldives, providing financial aid, infrastructure development, and security cooperation. The two countries have a long-standing relationship, with India being one of the first countries to recognize Maldives' independence in 1966.
