China is gearing up to strengthen its efforts to secure more China Free Trade Agreements in 2024, with the goal of boosting its global network of high-standard Free Trade Areas. This move follows the successful negotiation of 22 free trade agreements with 29 countries or regions, which account for one-third of China’s total trade value.
Expanding Global Network
Vice Minister Wang Shouwen aims to finalize China-ASEAN FTA Version 3.0 this year. Moreover, China will keep pushing for service trade openness. Likewise, it will open up investment comprehensively. Furthermore, China will utilize negative lists for market access. Consequently, this develops its FTA network to high standards.
Driving Regional Economic Growth
This move aims to share benefits of China’s opening-up free trade policy. Additionally, it drives regional economic growth. Wang stated 2024 has a full FTA negotiation agenda. Indeed, this indicates China’s commitment to expanding trade partnerships. In fact, China has made significant progress negotiating FTAs. For instance, these include the RCEP and China-Japan-Korea FTA.
FTA Benefits
By securing more China Free Trade Agreements, China aims to strengthen its global network of high-standard Free Trade Areas, driving regional economic growth and promoting mutual benefits. FTAs can increase trade volumes, create jobs, and attract foreign investment, ultimately boosting economic growth.
FTA Negotiations
China will persist in advancing the comprehensive opening-up of service trade and investment, employing market-access negative lists and other strategies to further develop its FTA network to a high standard. Moreover, China will continue to engage in bilateral and multilateral FTA negotiations to expand its trade partnerships.
Conclusion
In conclusion, China’s efforts to secure more China Free Trade Agreements will boost its global network of high-standard Free Trade Areas, driving regional economic growth and promoting mutual benefits. With a full agenda for FTA negotiations in 2024, China is poised to strengthen its position as a major player in global trade.