The Department of Trade Negotiations (DTN) participated in the recent Asean-China Free Trade Area (ACFTA) 3.0 Upgrade Negotiations, aiming to enhance Asean-China trade and investment relations, as well as ensure the free flow of goods and services.
Ratchawit Piyapramote, deputy director-general of the DTN, took part in the sixth round of negotiations on April 22-26 in Singapore as chair of the Asean team, with Yu Benlin, director-general of China's Department of International Trade and Economic Affairs, heading the Chinese team.
The negotiations focused on sectors that benefit the interests of both parties, including the digital economy, the green economy, non-tariff measures, consumer protection issues, and micro, small and medium-sized enterprises (MSMEs), as well as the rearrangement of chapters of the pact.
Various working groups were formed to begin the discussions on upgrading ACFTA, aiming to build a more inclusive, modern, comprehensive and mutually beneficial agreement.
The areas of focus included trade in goods, investments, the digital economy, legal and institutions, supply chain connectivity, competition, consumer protection and MSMEs.
The two sides were promoting negotiations with the goal of concluding the upgrades this year, which is considered an economic priority by the Asean-China Economic Ministers' meeting.
Low Yen Ling, Singapore's minister of trade and industry, chaired the opening ceremony of the meeting and provided guidelines on the work plans for the negotiations, setting clearly defined goals for each round of the negotiations as well as a time frame for follow-up negotiations.
Mr Ratchawit said Thailand, as co-chair of ACFTA, plans to expedite negotiations this year by ensuring the agreement is up to date, aligns with the current economic situation, facilitates trade for entrepreneurs, and strengthens economic, trade and investment cooperation between Asean and China.
Trade between Asean and China in 2023 was valued at US$702 billion, down 1.7% year-on-year.
The value of Asean's exports to China amounted to $293 billion, with imports valued at $409 billion.
Trade between Thailand and China amounted to $105 billion. Thai exports to China totalled $34 billion, while imports tallied $71 billion.
Key export products include fresh fruit, rubber products and plastics.
Key import products include electronic equipment, chemicals and machinery.