Latest news with #Version3.0China-ASEANFreeTradeArea
Malaysia Sun
7 days ago
- Business
- Malaysia Sun
Economic Watch: Upgraded China-ASEAN trade pact doubles down on inclusive, sustainable growth
The Version 3.0 China-ASEAN Free Trade Area (CAFTA) came at a critical moment, sending a clear and strong signal in support of free trade and open cooperation amid growing protectionism and trade fragmentation, analysts told Xinhua. KUALA LUMPUR, May 27 (Xinhua) -- In a significant stride toward regional economic integration, China and the Association of Southeast Asian Nations (ASEAN) countries have completed negotiations on an upgraded free trade agreement, doubling down on their efforts to promote inclusive and sustainable growth. The Version 3.0 China-ASEAN Free Trade Area (CAFTA) came at a critical moment, sending a clear and strong signal in support of free trade and open cooperation amid growing protectionism and trade fragmentation, analysts told Xinhua on the sidelines of the ongoing 2025 ASEAN Summit and related summits. The deal, a pivotal enabler for ASEAN and China's sustained growth and competitiveness, marks a shift "from traditional goods to the future economy," said Tan Kar Hing, deputy chairman of Malaysia's Center of Regional Strategic Studies. Beyond tariff cuts and smoother trade, the upgraded agreement incorporates nine new chapters covering such strategic areas as digital economy, green economy, supply chain resilience, small and medium-sized enterprise (SME) support and customs cooperation, reflecting "broader coverage and greater specificity," the Malaysian expert said. As major developing economies, China and ASEAN have been each other's largest trading partners for years. Data from China's General Administration of Customs showed that in the first four months, two-way trade reached 2.38 trillion yuan (330 billion U.S. dollars), up 9.2 percent from a year earlier. Their highly complementary economies form a cornerstone of regional cooperation. For export-driven economies like Malaysia, the upgrade eases access to ASEAN and Chinese markets, particularly for small businesses. "Local SMEs can now connect directly with regional markets through digital platforms -- true 'local creation, regional expansion,'" Tan said. The pact also streamlines agricultural exports and builds traceable supply chains, key for Malaysia's food and commodity sectors. The evolution from Version 1.0's basic tariff reductions to Version 3.0's rule alignment signals a "deepening commitment to a high-level free trade agreement that is inclusive, modern, comprehensive and mutually beneficial," said Tang Zhimin, director of China ASEAN Studies at the Bangkok-based Panyapiwat Institute of Management. "By aligning rules, recognizing standards and enhancing mechanisms, the upgraded deal strengthens the foundation for collaboration in supply and industrial chains," Tang said. The inclusion of new priority areas in CAFTA 3.0 demonstrates the agreement's responsiveness to pressing regional concerns, reflecting that "the China-ASEAN Free Trade Area is not static, but continues to evolve to address current and future challenges," said Wijayanto Samirin, an economist at Indonesia's Paramadina University. More importantly, the upgraded free trade agreement signifies the resilience and growing strength of multilateralism against protectionism, the Indonesian analyst said. "It particularly underscores ASEAN and China's support for multilateralism, injecting certainty into global trade." The pact highlights both sides as "steadfast supporters of economic globalization," Tang said. Thong Mengdavid, a lecturer at the Institute for International Studies and Public Policy of the Royal University of Phnom Penh in Cambodia said, "ASEAN and China are opting for openness over fragmentation." The deal also reduces reliance on Western markets. "It diversifies supply chains and reduces excessive dependence on specific export markets, thus enhancing autonomy and resilience for medium-sized economies like Malaysia," said Tan in Malaysia. Cambodia's Thong added that it boosts the bloc's "collective negotiating power on the global market," calling ASEAN-China ties "a stabilizing force" amid global volatility. This is particularly significant given that China and ASEAN, as the world's second and fifth-largest economies respectively, account for a quarter of the global population. Unlike rigid Western trade pacts, CAFTA 3.0 emphasizes "inclusivity, flexibility and phased advancement," Tan said, noting that its framework lets members tailor cooperation to domestic priorities. Malaysia, for instance, can fast-track projects in agriculture or green technology. "This isn't a one-size-fits-all model but a ladder for developing economies to climb at their own pace," he said. The pact's completion reflects "unprecedented consensus" between China and ASEAN on institutional design, agenda setting and cooperation roadmaps, "evolving from basic tariff cuts to systemic rules," Tan said, adding that it highlights "a renewed leap in political mutual trust and economic integration between the parties." Since its inception in 2010, the China-ASEAN Free Trade Area has become a template for South-South cooperation. "Its institutional innovations based on shared consultation and development continue to inspire and revitalize global governance," said Tang.
Malaysia Sun
26-05-2025
- Business
- Malaysia Sun
Roadshow for 3rd China Int'l Supply Chain Expo held in Kuala Lumpur
KUALA LUMPUR, May 26 (Xinhua) -- A roadshow for the 3rd China International Supply Chain Expo was held here on Monday, highlighting further cooperation between China and the Association of Southeast Asian Nations (ASEAN) countries to enhance coordination in industrial and supply chain development. Nearly 200 representatives from trade and investment promotion agencies, business associations, and enterprises from China and ASEAN countries participated in the event. Ren Hongbin, chairman of the China Council for the Promotion of International Trade (CCPIT), said the CCPIT is ready to work hand in hand with the business community of ASEAN countries to promote bilateral economic and trade ties, strengthen coordination in industrial and supply chains, deepen practical cooperation in multilateral fields, and play an active role in the inaugural ASEAN-China-GCC Summit to promote regional integration. Chang Lih Kang, Malaysian minister of science, technology and innovation, said Malaysia and China share a long-standing mutually beneficial partnership and hoped both sides would put theirs strengths together to build stronger, smarter and more sustainable supply chains. The minister strongly encouraged the business community in Malaysia and ASEAN countries to take part in the third China International Supply Chain Expo. "It's a great opportunity to showcase what we can offer, and even more importantly, to discover what we can build together," he said. Chairman of Malaysia-China Business Council Low Kian Chuan said that with the recent completion of the negotiations on the Version 3.0 China-ASEAN Free Trade Area (CAFTA), both sides will further deepen their long-standing ties, built on mutual respect and shared growth. "This expo serves as a crucial platform for global suppliers and vendors to connect with and integrate into China's extensive supply chain network, promoting greater inclusivity, strengthening resilience, and advancing sustainable growth," he said. The third China International Supply Chain Expo will be held in Beijing from July 16 to July 20 this year, focusing on supply chains of advanced manufacturing, clean energy and other industries.
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."
Canada Standard
22-05-2025
- Business
- Canada Standard
Xinhua world news summary at 0050 GMT, May 22
BEIJING -- 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. (China-ASEAN-Trade) - - - - MUSCAT/TEHRAN -- 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. (Iran-US-Indirect Talks) - - - - OTTAWA -- 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. (Canada-Israel-Summons) - - - - JERUSALEM -- 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. (Israel-Gaza-Full Control)
