Kuala lumpur: China is poised to continue its contributions to the Regional Comprehensive Economic Partnership (RCEP) economic and technical cooperation fund, aiming to assist ASEAN countries in enhancing their implementation capacity under the agreement.
According to BERNAMA News Agency, Chinese Foreign Minister Wang Yi highlighted the impact of the RCEP over the past three years, noting a significant boost in regional trade and investment. The trade volume reached US$5.7 trillion last year, marking a 2.7 percent increase from the previous year. Wang emphasized the need for collaborative efforts to foster new growth drivers and effectively implement agreements in areas such as electric vehicles, supply chains, and connectivity.
China’s focus extends to expanding cooperation in digital transformation, green and low-carbon development, while also promoting exchanges in education, culture, tourism, media, and think tanks to enhance people-to-people ties and energize East Asia’s development. Speaking at the 26th ASEAN Plus Three Foreign Ministers’ Meeting (10+3), Wang welcomed the creation of a rapid financing facility under the Chiang Mai Initiative Multilateralisation (CMIM), supported by freely usable currencies.
In a bid to support financial stability, China made an additional US$4 million contribution to the ASEAN+3 Macroeconomic Research Office (AMRO) China Technical Assistance Trust Fund in May. Wang also highlighted the steady progress of the ASEAN Plus Three Emergency Rice Reserve (APTERR) mechanism, noting China’s fulfillment of its financial commitment for the current quarter and active physical stockpiling efforts.
The ASEAN Plus Three cooperation framework has achieved significant milestones, contributing to East Asia’s status as one of the world’s most vibrant regions. The concept of a “Shared Destiny” among participating countries underscores the importance of unity and collaboration. Wang called on ASEAN, China, Japan, and South Korea to fortify their crisis response capabilities.
He noted that despite a positive overall outlook in East Asia, challenges from unilateralism and protectionism persist. In response, Wang urged alignment with broader trends, removal of disruptions, assumption of responsibilities, and solidarity to enhance cooperation momentum, resilience, and regional integration.