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China Calls for an Upgrade in the Free Trade Area with ASEAN

INTERNATIONAL: Chinese Xi Jinping on Monday has called for a new round of upgrade in the free trade area between China and the Association of Southeast Asian Nations (ASEAN).

Chinese leader has made the call when chairing the ASEAN-China Special Summit to Commemorate the 30th Anniversary of ASEAN-China Dialogue Relations via video link, saying that China is ready to provide ASEAN with $1.5 billion in development aid in the next three years to start negotiations on an international development cooperation agreement.

The Chinese leader was quoted as saying, “It is necessary to display to the full the role of the Regional Comprehensive Economic Partnership (RCEP) and start a 3.0 edition of the China-ASEAN Free Trade Area. China is willing to import up to $150 billion worth of agricultural products from ASEAN in the next five years. It is imperative to build a high-quality "Belt and Road" and carry out cooperation with Indo-Pacific Outlook initiated by ASEAN."

China welcomes ASEAN countries in participating in and building the New International Land-Sea Trade Corridor and propose dialog on digital governance. China will also provide 1,000 items of advanced and applicable technologies to ASEAN and support 300 ASEAN young scientists to come to China for exchanges in the next five years.



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