Xi's landmark South-East Asia trip expands partnerships
Two multilateral meetings, close to 20 bilateral talks and a sit-down with United States President Joe Biden – President Xi Jinping’s six-day trip to South-East Asia has charted the way for global governance, expanded China’s global partnerships and steadied ties between the world’s two largest economies.
Xi travelled to Bali, Indonesia, from Monday to Thursday for the G20 Summit before attending the 29th Apec Economic Leaders’ Meeting in Bangkok and visiting Thailand – the first time he has attended the events in person in three years. Xi returned to China on Saturday evening.
The back-to-back meetings held by Asian countries took place amid spillover from the Ukraine crisis, which fuelled global financial, energy and food crises, with some countries advocating division, confrontation and decoupling.
The world is again standing at a crossroads, and Asia has embraced a crucial moment in promoting global governance, State Councilor and Foreign Minister Wang Yi said after the conclusion of Xi’s trip.
Wang, who is also a member of the Political Bureau of the Communist Party of China Central Committee, said Xi’s proposals at the G20 Summit indicated that he has always kept the interests of developing nations in mind and maintained the outlook in his diplomatic activities that true development can only be attained with the common development of all countries.
At the summit, Xi said Beijing supports the African Union in joining the G20.
China’s support for multilateralism and its contribution to G20 cooperation is also evidenced in the fact that the 15 projects and proposals put forward by Beijing were included in the list of projects for pragmatic cooperation at the summit.
Bernard Dewit, chairman of the Brussels-based Belgian-Chinese Chamber of Commerce, said Xi’s proposals at the Apec meetings were not only inspiring for the Asia-Pacific region but also for other countries around the world, especially in Europe.
“At a moment when the COP 27 is closing, Xi insists that his country will push further for green and low-carbon development.
“Every government in the world should approve of his words when he says protecting the ecological environment and tackling environmental changes is the common challenge facing all humanity.”
Raymund Chao, chairman for the Asia-Pacific region and China of professional services provider PwC, said Xi’s written speech delivered to the Apec CEO Summit has boosted the confidence of business leaders in the Asia-Pacific region in responding to risks and turning crises into opportunities. — China Daily/ANN
President Xi has met a number of
foreign leaders and delivered important remarks while attending the G20
summit in Bali, Indonesia, showing charm of major-country diplomacy.
Check out the graphic to learn more:
Azmin showing the RCEP agreement document during the signing ceremony witnessed by Muhyiddin on Nov 15. – fotoBERNAMA\
ON behalf of the Government of Malaysia, I signed the historic Regional Comprehensive Economic Partnership (RCEP) agreement together with 14 other RCEP participating countries (RPCs).
Being an integral part of the week-long 37th Asean Summit, led by Prime Minister Tan Sri Muhyiddin Yassin, the signing of the RCEP agreement represents the high point of the summit which was convened virtually in its entirety.
Witnessing this momentous occasion, the prime minister said that the signing signifies to the world that Asean, with its five Free Trade Agreement (FTA) partners, places utmost priority on regional economic integration that facilitates cross-border trade, investments and the easing of non-tariff measures.
The signing is the culmination of eight years of arduous and protracted negotiations involving 31 rounds of negotiations, eight ministerial meetings and four summits.
Undoubtedly, it represents a significant and imperative milestone in the integration and revitalisation of economies of the 15 parties.
Further, this will also be a testament to the strengthening of the multilateral trading system as well as upholding the development agenda in the WTO.
Being the largest FTA in the world, covering 15 countries with 2.2 billion people or nearly a third (29.7%) of the world’s population, RCEP represents US$24.8bil or almost a third (28.9%) of the world’s GDP based on World Bank’s 2018 data.
With different economic development levels of all parties, RCEP will contribute to sustaining Malaysia as a preferred trading hub and investment destination.
To Malaysian businesses, it will mean tariff elimination and reduction for merchandise goods, including the facilitation of export and import of goods among the RCEP countries.
Service providers including e-commerce will be able to enjoy greater market access in terms of cross-border supply and establishing commercial presence in the RCEP markets.
In addition, RCEP will promote, facilitate and protect the investment climate of participating countries within the region. This also includes information exchange and promotion of transparency measures to facilitate business and investment within the RCEP area.
Realising that SMEs play a pivotal role to the backbone of every economies, RCEP could provide a level playing field between developed and least developed countries.
There is a specific chapter on SMEs providing provisions for information exchange and promotion of transparency measures to facilitate business and investment within the region, including providing economic and technical cooperation especially to SMEs.
RCEP can be an economic recovery tool against Covid-19 which will help to ensure opening of markets as well as uninterrupted supply chain.
The RCEP amalgamates and streamlines the existing Asean Plus One FTAs involving Japan, South Korea, China, Australia and New Zealand into an inclusive and comprehensive agreement that will enhance inter and intra-regional trade and investment, strengthen regional value chains, as well as facilitate transparency, information sharing and harmonisation of technical regulations and standards.
RCEP reflects our strong commitment for international trade, connectivity, rules-based multilateral trading system and enhancing free flow of trade and investment.
Datuk Seri Mohamed Azmin Ali Senior Minister Minister of International Trade and Industry
