Key trade talks to continue
▶ ASEAN, China, Russia, Japan expect results next year
This year’s ASEAN summit ended in Singapore on Thursday with the top leaders of the association’s main partners, including China, Russia and Japan, highlighting regional trade cooperation.
Chinese Premier Li Keqiang said on Thursday that China hopes the negotiations on the Regional Comprehensive Economic Partnership (RCEP) and the China-Japan-South Korea free trade zone continue in a parallel and balanced manner. He made the remarks during the 21st ASEAN Plus Three Summit, an adjunct to the 33th ASEAN Summit held in Singapore. Noting the rise
of trade protectionism, Li said China, South Korea, Japan and the member states of ASEAN should work together to maintain multilateralism and free trade.
Li said “we [all participants of the summit] should provide a stable and free legal environment which will contribute to regional development and guarantee regional stability.”
Singaporean Prime Minister Lee Hsien Loong said at the second RCEP summit on Wednesday that talks to create the regional economic partnership have made substantial progress this year and an agreement is likely to be finalized next year.
Chinese Foreign Ministry spokesperson Hua Chunying said on Thursday at a daily press briefing that the RCEP would benefit multilateralism and free trade and strongly promote regional economic growth and globalization. She urged the countries involved to complete negotiations in 2019.
The RCEP, a proposed free trade agreement between the 10 ASEAN member states and six of their partners – China, Japan, South Korea, Australia, New Zealand and India, is expected to be one of the world’s largest trading blocs, accounting for 45 percent of the world population, 40 percent of global trade and one-third of the world’s GDP, according to the Xinhua News Agency.
“Li’s visit helped consolidate bilateral and multilateral relationships between China and Singapore and ASEAN,” Gu Xiaosong, an expert on Southeast Asian studies at the Guangxi Academy of Social Sciences, told the Global Times on Thursday.
Liu Feng, a Hainan-based analyst on South China Sea issues, told the Global Times that the ASEAN summit is globally important because Southeast Asia has an important geographic location, and recently the region has had good economic performance and development opportunities.
Liu noted that considering China-US trade friction, focusing on regional cooperation is a good hedge against US sway.
Liu said China and ASEAN can expect further cooperation on regional security, trade, healthcare, education and culture.
The 34th ASEAN summit will be held in Thailand April or May 2019.
COC negotiations
“We had a good exchange on the South China Sea issue,” Singaporean Prime Minister Lee said at a press conference on Thursday after the closing ceremony of the summit.
Premier Li reaffirmed that China would work with the ASEAN members to finish negotiations on South China Sea Code of Conduct (COC) within three years.
Liu, the analyst, said that “China is sincere about the South China Sea issue,” and China has a timetable and plan for negotiation on the COC.
“A clear timetable will bring confidence and feasibility to negotiation on the COC, which could play a key role in the stability of South China Sea,” Gu said.
Philippines President Rodrigo Duterte also had sharp advice for the South China Sea issue. He noted that, “It’s [South China Sea] in their [China’s] hands. So why would you have to create friction?” he told reporters before the ASEAN-US summit on Thursday.
Chinese experts echoed this point of view. “China has become the most important safeguard and builder in the South China Sea… the countries outside the region should stop trying to provoke the issue.” Liu told the Global Times on Thursday.