Injecting Certainty into Regional Economic Growth

Against the backdrop of intensified geopolitical competition and rampant protectionism, China and ASEAN have responded to the uncertainty of a turbulent world with the certainty of mutually beneficial cooperation. The firm determination of both sides to jointly build an open, inclusive, rule-based regional integrated market and a mutually beneficial, resilient regional supply chain system will create rich market and industrial cooperation opportunities for both sides and enterprises from around the world, bringing confidence, momentum, and benefits to regional economic growth. Yuan Bo, Director of the Institute of Asian Studies at the Ministry of Commerce Research Institute, analyzed that the benefits are mainly reflected in the following three aspects:

Firstly, it is beneficial for the Asian region to better cope with global changes and challenges. Currently, the Asian region is facing a complex and ever-changing international environment, with increasing trade protectionism, unilateralism, and tariff retaliation measures. The international trade order has been severely disrupted, and global economic uncertainty is growing. The achievement of the 3.0 version of the agreement will provide a more stable, open, and transparent trading environment for the Asian region, further strengthen economic ties and cooperation among countries in the region, help enhance the overall stability and risk resistance of the Asian regional economy, and better cope with global economic fluctuations and uncertainties.

Secondly, it is conducive to fully activating new drivers of economic growth in Asia. In 2024, the goods trade between China and ASEAN will reach nearly 1 trillion US dollars, and the cumulative two-way investment between China and ASEAN countries will exceed 400 billion US dollars. The achievement of the 3.0 version of the agreement will further reduce trade and investment barriers, promote the free flow of goods, services, and investment within the region, advance cooperation between the two sides in emerging fields such as digital economy and green economy, promote technological innovation and industrial upgrading, and inject new vitality and momentum into the Asian economy.

Thirdly, it is conducive to enhancing Asia's influence in the global economic system. As staunch supporters of free trade and economic globalization, China and ASEAN have reached the 3.0 version of the agreement in the current situation, demonstrating their development beliefs of jointly addressing external challenges, adhering to openness, inclusiveness, and win-win cooperation. This is conducive to further promoting regional economic integration in Asia, boosting regional trade and investment confidence, and forming a leading demonstration effect globally, which will expand the status and influence of the Asian region in the global economic system. At the same time, by forming consensus on rules in emerging fields such as digital economy, green economy, and supply chain interconnection, and reaching an Asian solution, it will also help enhance the discourse power and influence of the Asian region in international economic and trade rules and global governance system.