China signs framework agreements to enhance economic partnership with multiple Pacific island countries

On November 4th, Minister of Commerce Wang Wentao held a collective meeting with Minister of Resources and Development of the Federated States of Micronesia Qiu Yong, Minister of Tourism, Commerce, Industry and Cooperation of Kiribati Rite, Minister of Phosphate Mines of Nauru Toma, Minister of Foreign Affairs, International Cooperation and Foreign Trade of Vanuatu Ati, and Permanent Secretary of the Ministry of Trade, Cooperatives, Small and Medium Enterprises and Communications of Fiji Ali. After the meeting, Minister Wang Wentao and representatives from the five countries respectively signed the "Framework Agreement on Enhancing Economic Partnership" (referred to as the "Framework Agreement").

The Framework Agreement includes a preamble and objectives, principles, negotiation scope, contact points, mechanism arrangements, future development, entry into force, modification, and termination. China and relevant Pacific island countries have agreed to conduct flexible and pragmatic negotiations on specific issues such as trade in goods, trade in services, investment, rules, and practical cooperation. Through the establishment of institutional arrangements, bilateral trade will be expanded to support Pacific island countries in attracting investment, accelerating industrialization and agricultural modernization, deeply participating in global industrial and supply chain cooperation, achieving common development between China and Pacific island countries, and building a closer China Pacific island community with a shared future.

The signing of the Framework Agreement is an important measure to deeply implement the spirit of the 20th National Congress of the Communist Party of China and its various plenary sessions, expand opening up to the outside world, and is the latest progress in expanding the network of high standard free trade zones facing the world. China will actively promote specific topic negotiations with the above-mentioned countries on the basis of mutual benefit and win-win cooperation in accordance with the Framework Agreement, further expand high-level opening up, share China's super large market and vast development opportunities with Pacific island countries, and ensure that the achievements of the agreement benefit the enterprises and people of both sides as soon as possible.