Worker at a textile factory in Shandong, China. (Source: VNA)
Kuala Lumpur (VNA) – The Free Trade Area (FTA) between ASEAN and China was officially upgraded on No🦩vember 22, giving fresh impetus to regional economic cooperation.
The two sides inked a deal for upgraded FTA at the Kuala Lumpur Convention Centre in the presence of visiting Chinese Prime Minister Li Keqiang and leaders of the ten ASEAN member states.
The upgraded deal was concluded after only four rounds of negotiations that started in August 2014, signaling the common aspiration and practical needs of both sides to expand ties in trade and economy.
The upgrade covers a wide range of areas, from goods, services to investment, and economic and technological collaboration, believed to provide a push for economic development of both ASEAN and China.
The move fosters not only a closer ASEAN-China community but also a smooth way for the achievement of 1 trillion USD in bilateral trade by 2020. It helps facilitate the negotiations on the Regional Comprehensive Economic Partnership (RCEP) and the Asia-Pacific Free Trade Area.
In their talks, ASEAN and China agreed on the significance of facilitated trade and investment, further opening of the service market and improved economic and technological cooperation, Chinese Commerce Minister Gao Hucheng told reporters after the signing ceremony.
The ASEAN-China FTA took effect in 2010, allowing China to become ASEAN’s biggest trade partner and the bloc to become the third largest of the world’s second largest economy.
Since then, the ASEAN-China economic and trade relations have enjoyed healthy and stable development. The two-way trade climbed nine-fold from 54.8 billion USD in 2002 to 480.4 billion USD in 2014.-VNA
Cooperation in e-commerce will be in the focus of the 12th ASEAN-China Expo, slated for September 18-21 in Nanning city of China’s Guangxi Zhuang Autonomous Region.
The ASEAN-China Ministerial Dialogue on Law Enforcement and Security Cooperation took place in Beijing on October 23 on the theme of “Security for Prosperity”.
PM Nguyen Tan Dung delivered speeches at the 18th ASEAN-China Summit, the 13th ASEAN-India Summit, the third ASEAN-US Summit and the 18th ASEAN+3 Summit in Kuala Lumpur, Malaysia on November 21.
The Republic of Korea (RoK), China and Japan agreed on May 3 to reinforce the regional financial safety net, along with members of the Association of Southeast Asian Nations (ASEAN), by launching a new financing facility programme meant to extend greater support in case of a financial crisis.
A technical issue combined with an extreme heatwave was blamed for a series of explosions at a military base that killed 20 soldiers and injured several others in Cambodia on April 27, the country’s Ministry of Defence said in a May 2 statement as reported by the Xinhua news agency.
The Customs Department of Thailand is scheduled to commence the collection of value-added tax (VAT) on imported goods sent via postal services, regardless of the goods value, starting in May.
A lecturer from Chulalongkorn University’s Faculty of Medicine has warned Thais to be more vigilant against COVID-19, saying infection rates appeare to be worsening with higher hospital admissions, deaths and severe cases.
Malaysia should harness the collective expertise and resources to drive sustainable growth and development of the halal industry, according to Minister of Investment, Trade and Industry Zafrul Abdul Aziz.
Laos has officially restored the 10% value-added tax (VAT) rate starting May 1, in a bid to support the country’s budget revenue and socio-economic development.
The ASEAN Future Forum 2024 (AFF 2024) entered its second plenary session in Hanoi on the afternoon of April 23, discussing ways to ensure comprehensive security for the people-centred ASEAN Community.
The first session of the ASEAN Future Forum 2024 (AFF 2024) in Hanoi on April 23 focused on fast and sustainable growth for the Association of Southeast Asian Nations (ASEAN).
The Canada-ASEAN Business Council (CABC) and the ASEAN Alliance on Carbon Markets (AACM) have signed a Memorandum of Understanding (MoU) to strengthen collaboration and accelerate the implementation of carbon crediting programmes across Southeast Asia.
ASEAN Secretary-General Kao Kim Hourn reaffirmed ASEAN leaders' commitment to empowering the youth to unleash their full potential when he had a dialogue with ASEAN youth in Hanoi on April 22 on the sidelines of the ASEAN Future Forum (AF 2024).
The Thai Government is being urged to increase the proportion of renewable power generation to more than the target of 50% set in the power development plan (PDP).
The Centre for Volcanology and Geological Hazard Mitigation (PVMBG) of Indonesia on April 21 lifted its tsunami advisory issued previously following the eruption of Mount Ruang in Sitaro district of North Sulawesi province.
Thailand expects to export about 1 million tonnes of durian, valued at an estimated 130 billion THB (3.53 billion USD) this year, with most of the shipments to China, according to Minister of Agriculture Thammanat Prompao.
The 72nd meeting of the ASEAN Working Group on Intellectual Property Cooperation (AWGIPC) and related meetings are being held by the Ministry of Science and Technology’s Intellectual Property Office (IPO) of Vietnam in the central city of Da Nang on April 22-26.
Enhancing regional food security and tackling the pressing challenges of climate change will be key agendas defining Malaysia’s ASEAN Chairmanship in 2025, Speaker of the Dewan Rakyat (lower house) Johari Abdul told the press on April 19.
Worker at a textile factory in Shandong, China. (Source: VNA)
