The Association of Southeast Asian Nations (ASEAN) summit, which brought together leaders of major countries including the United States, Japan, and China, wrapped up its three-day schedule on the 28th (local time) in Kuala Lumpur, Malaysia.
This meeting was attended by U.S. President Donald Trump, Chinese Premier Li Qiang, and Japanese Prime Minister Sanae Takaichi, as well as the leaders of the 10 ASEAN countries. The leaders continued discussions on various agreements to strengthen economic and trade cooperation and stabilize the regional trade order.
On the day, ASEAN and China signed an expanded revision of the "China-ASEAN Free Trade Agreement (FTA) version 3.0" in the presence of Premier Li Qiang and Malaysian Prime Minister Anwar Ibrahim, the chair this year.
The revision, for which negotiations were concluded in May, includes new economic areas such as the digital economy, eco-friendly industries, supply chain consolidation, support for small and midsize enterprises, and consumer protection. It also contains provisions to boost trade efficiency, including simplifying customs procedures and easing non-tariff barriers.
With the signing of FTA 3.0, trade in eco-friendly products, including new energy vehicles, is expected to increase, and it will become easier for small and midsize enterprises to enter the market. Bloomberg said this would be a strategic victory for China as it seeks new markets based on its large-scale capabilities in eco-friendly industries such as electric vehicles, batteries, and solar power.
Since the China-ASEAN FTA first took effect in 2010, trade between the two sides has expanded rapidly. According to the Associated Press, the volume of trade grew from $235.5 billion (about 338 trillion won) in 2010 to about $1 trillion (about 1,440 trillion won) last year.
At the ASEAN-China summit, Premier Li Qiang said, "Close cooperation is necessary to overcome uncertainty in the global economy," and added, "Economic pressure or confrontation does not help at all."
He then effectively took aim at the United States, criticizing that "unilateralism and protectionism are disrupting the global economic order, and some countries are being subjected to unfair tariff due to interference by external forces."
Li also said, "ASEAN is a close neighbor and a brother to China geographically and culturally," and proposed strengthening cooperation with ASEAN countries facing difficulties due to protectionism.
Singapore Prime Minister Lawrence Wong said, "This revision of the agreement will lower trade barriers, strengthen supply chain consolidation, and open new opportunities in future growth areas."
Philippine President Ferdinand Marcos welcomed the signing of the "China-ASEAN FTA 3.0" agreement but voiced concern, saying, "China's dangerous actions and harassment in the South China Sea are incompatible with the spirit of cooperation." Even so, he said he would cooperate constructively to resolve conflicts with China.
Prime Minister Anwar emphasized, "We stand with President Trump and with China," adding, "ASEAN values friendly relations with all countries." Regarding the South China Sea territorial dispute, he urged, "It should be resolved through a code of conduct to be established by future ASEAN-China negotiations," and said, "All parties must abide by international law."
Anwar also expressed concern over North Korea's repeated ballistic missile launches, saying, "Just as we call for engagement on Gaza, Ukraine, and Myanmar, we must not turn a blind eye to the North Korea issue."
At the closing ceremony, President Marcos received next year's ASEAN chairmanship from Prime Minister Anwar and said he would accelerate negotiations to establish a code of conduct to prevent clashes in the South China Sea next year.
Meanwhile, President Trump led the diplomatic stage with a breathless schedule on the 26th, including presiding over the Thailand-Cambodia cease-fire agreement ceremony, a meeting with Prime Minister Anwar, attendance at the ASEAN-U.S. summit, and a meeting with Brazilian President Lula. He signed separate trade and critical minerals agreements with Malaysia, Cambodia, and Thailand, and reached a broad framework for trade cooperation with Vietnam.
At the Regional Comprehensive Economic Partnership (RCEP) summit held the previous day, leaders of major countries including Korea, China, Japan, and Australia attended and discussed ways to respond to the spread of protectionism and to pursue multilateral trade cooperation.