China has negotiated an updated free-trade deal with the 10-nation Association of Southeast Asian Nations (Asean), strengthening Beijing’s role in the region amid ongoing trade tensions with the United States.
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In a virtual meeting on Tuesday, Commerce Minister Wang Wentao and his Asean counterparts announced that they had completed talks to update the 15-year-old free trade deal. The 3.0 version of the agreement now awaits ratification from member countries and could be signed within the year.
“China stands ready to work with Asean to ensure the stability of global supply chains, advance shared development and safeguard international fairness and justice,” Wang said.
“It has seriously undermined the global trading system with so-called reciprocal tariffs, bringing huge uncertainties to the world economy,” Wang told his Asean counterparts.
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“There are no winners in a tariff war or trade war.”