PHNOM PENH: China is willing to work with the various parties in the ASEAN Plus Three (APT) to continue to build consensus and deepen pragmatic cooperation for a bright future of East Asia, Chinese Premier Li Keqiang said when attending the ASEAN, China, Japan and South Korea Summit, Global Times reported Sunday.
The meeting, chaired by Cambodian Prime Minister Samdech Techo Hun Sen, was also attended by leaders of two other ASEAN member states, South Korean President Yoon Suk-yeol and Japanese Prime Minister Fumio Kishida.
On Friday, Li attended the Summit in Phnom Penh, during which a joint statement on China-ASEAN cooperation has been released.
Noting that East Asia is an important driver for global growth, Li said the APT Summit is a major mechanism for East Asia cooperation.
Since being launched 25 years ago, the APT cooperation, thanks to peace and stability in the region, has promoted their own national socio-economic development, safeguarded regional financial and food security and maintained the stability and free flow of international industrial and supply chains, he said.
The COVID-19 pandemic prevention and control has achieved initial victory. East Asia’s economy has recovered from the shock, and the restart of tourism and accelerated development of the digital economy have brought great benefits. On the other hand, the international security situation is unstable, unilateralism and protectionism, economic and financial risks are on the rise, and global development is facing unprecedented challenges. Li made five proposals regarding the APT mechanism.
First, they should keep the process of regional economic integration going. Economic integration is an important driving force for development and prosperity in East Asia. It also meets the development needs of all countries.
As a free trade area with the largest population, the most diverse membership and the greatest potential in the world, the Regional Comprehensive Economic Partnership’s (RCEP’s) entry into force is an important milestone in East Asia’s economic integration process. The countries should promote the full effectiveness and implementation of the RCEP and release the maximum dividends of the free trade agreement, Li said.
Second, they should maintain the stability of industrial and supply chains. “Building walls and barriers” and “decoupling” chains run counter to economic laws and market principles. They are fundamentally unworkable. Frictions in the international trade and economic field are inevitable. As long as we view them rationally and handle them fairly, fairly and properly, we can achieve win-win results, Li said.
To achieve high-quality development in East Asia, countries involved must continue to foster an open and innovative environment and build a more cohesive and resilient regional industrial system.
–The Daily Mail-Global Time news exchange item
