Beijing: Chinese top diplomat Wang Yi announced on Thursday that China and the Association of Southeast Asian Nations (ASEAN) are moving forward with negotiations on a third version of a free trade agreement at an ASEAN summit in the Indonesian capital of Jakarta.
Wang, who attended the forum alongside foreign ministers from several nations, stated that "the two sides are actively promoting the negotiation of the free trade area version 3.0, and pushing for the full implementation of the RCEP."
The largest trade association in the world, supported by China, is the Regional Comprehensive Economic Partnership (RCEP). Including all 10 ASEAN members and 15 economies in the Asia-Pacific region, it came into effect on January 1, 2022.
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Nearly a third of the world's population is covered by the RCEP, which is viewed as an alternative to the CPTPP, which is led by the US.
"We will continue to deepen the comprehensive strategic partnership with ASEAN," Wang declared.
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Creating "a more powerful strategic environment for both sides' development and revitalization as well as for the long-term peace and stability of the region," he claimed, would result from this.
Speaking earlier at a press conference for China Customs, spokesperson Lv Daliang stated: "China and ASEAN are each other's largest trading partners, with a solid foundation of cooperation and huge development potential, with the deepening of regional economic integration, the continuous expansion of cooperation fields, and the continuous smooth trade exchanges, bilateral trade is expected to continue to maintain a good trend."
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In January through June, the value of trade between China and ASEAN was $447.3 billion, down 1.5% from the previous year, according to customs data released on Thursday.