China's Deputy PM calls for higher standards in CAFTA development

Nanning (ANTARA) - China’s Deputy Prime Minister Ding Xuexiang stated on Thursday (17/9) that the China-ASEAN Free Trade Area (CAMAT) 3.0 Upgrade Protocol, once in effect, will provide continuous momentum for the region’s economic development.

He also urged efforts to build CAFTA with higher standards.

Ding made these remarks during his opening speech at the 23rd China-ASEAN Expo and the China-ASEAN Business and Investment Summit in Nanning, Guangxi Zhuang Autonomous Region.

He stated that all parties must comprehensively increase regional openness, explore ways to develop more robust cooperation frameworks and institutional arrangements, deepen cooperation in standards and technical regulations, and move faster towards realising an open, inclusive, and rule-based integrated regional market.

Regarding the enhancement of trade and investment cooperation, Ding said that China and ASEAN member states must demonstrate confidence and determination in jointly facing challenges in international trade and the economy, as well as working together to maintain the stability and smoothness of industrial and supply chains, both within and outside the region.

Regarding the deepening of cooperation in emerging fields, he called on all parties to work together to advance the development of the regional digital economy, deepen cooperation in scenario-based applications across various sectors including artificial intelligence (AI), and remove trade barriers for environmental goods and services.

He encouraged all parties to make connectivity easier and more efficient, advance the development of infrastructure such as railways, highways, ports, and airports, overcome cross-border logistics hurdles, and strive for the high-quality development of the New International Land-Sea Trade Corridor.

Myanmar Vice President U Nyo Saw, Vietnam Permanent Deputy Prime Minister Pham Gia Tuc, Laos Deputy Prime Minister Saleumxay Kommasith, and ASEAN Secretary-General Kao Kim Hourn also delivered speeches at the event.

Ding also held separate meetings with the leaders of Myanmar, Vietnam, and Laos on Wednesday (16/9) afternoon.