ASEAN, China, Japan and South Korea upgrade FTA and trade services

On June 20, deputy director of the international trade negotiation Department of Thailand's Ministry of Commerce said that ASEAN is currently negotiating with China on improving the free trade agreement (FTA), focusing on reducing tariffs on sensitive goods. The negotiation is planned to be completed before the ASEAN China Economic and trade ministers' meeting in September this year. After that, ASEAN will hold talks with Japan on opening up investment (including strengthening environmental friendly economic cooperation), and with South Korea on further opening up sensitive commodities and promoting investment liberalization.

It is reported that ASEAN and China will upgrade the level of free trade under the framework of the FTA, so that the commodity trade, service and economic cooperation under the FTA will be more in line with the current actual situation, especially in sensitive commodity trade. In terms of negotiations with Japan, the contents of the negotiations include upgrading the ASEAN Japan FTA. The upgraded agreement will clarify the agreements on service trade, personnel flow and investment protection, and further open commodity trade on the original basis. After that, the two sides will negotiate an investment liberalization agreement. In addition, ASEAN Japan also discussed how to strengthen environmental protection economic cooperation under the epidemic situation, with a view to formulating strategic ideas and plans for promoting environmental protection economic cooperation. On the other hand, the two sides held talks with South Korea on opening up sensitive commodity markets, and followed up their efforts to upgrade service trade and investment under the framework of the FTA.

Source: Linyi Council for the promotion of international trade