ASEAN, China Affirm Commitment To Multilateral Trading System, Criticize Unilateral Actions

(MENAFN- Kuwait News Agency (KUNA)) KUALA LUMPUR, Sept 24 (KUNA) - The Association of Southeast Asian Nations (ASEAN) and the People's Republic of China on Wednesday affirmed its commitment to upholding an open, non-discriminatory, predictable, transparent, free, fair, inclusive, sustainable, and rules-based multilateral trading system with the World Trade Organization (WTO) at its core.
This came in the joint statement issued by the 24th ASEAN Economic Ministers-Ministry of Commerce (AEMMOFCOM) Consultation, in the Malaysian capital, Kuala Lumpur, co-chaired by Malaysian Minister of Investment, Trade and Industry Tengku Zafrul Aziz and Chinese Vice Minister of Commerce and Yan Dong.
They exchanged views on regional and global economic challenges including the current global trade tensions which have caused uncertainty, impacted supply chain resiliency, and brought significant challenges to businesses, especially Micro, Small, and Medium Enterprises (MSMEs), as well as to global trade dynamics.
In particular, the meeting expressed concern over unilateral and protectionist measures and reiterated its collective effort to utilize the WTO for constructive engagement and to seek cooperative solutions to address global trade concerns.
It also underscored the importance of fostering closer economic cooperation between ASEAN and China to mitigate the impacts and to refrain from imposing unilateral measures that could heighten uncertainties and exacerbate global economic challenges
The meeting further welcomed the conclusion of the ASEAN-China FTA 3.0 Upgrade Negotiations, and looked forward to signing the Protocol to Further Upgrade the Framework Agreement on Comprehensive Economic Co-operation and Certain Agreements Thereunder between ASEAN and the People's Republic of China (ACFTA 3.0 Upgrade Protocol) which will take place at the sidelines of the 28th ASEAN-China Summit in October 2025
The meeting recognized the positive momentum in advancing cooperation across key areas such as digital economy, green development, trade facilitation, and support for MSMEs, affirming commitment to ensuring the Work Programme delivers tangible outcomes that enhance regional integration and contribute to sustainable and inclusive growth.
The Meeting also welcomed the progress made in the implementation of ASEAN-China Initiative on Enhancing Cooperation on E-Commerce
The statement noted that based on ASEAN's preliminary statistics, two-way merchandise trade between ASEAN and China stood at USD 772.4 billion in 2024, increasing by 10.6 percent.
Meanwhile, the foreign direct investment (FDI) inflow from China to ASEAN was recorded at USD 19.3 billion in the same year, increasing by 11.4 percent. These figures placed China as ASEAN's largest trading partner and third largest source of foreign direct investment last year. (end)
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