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E-mail China.org.cn, February 20, 2025
International Business Daily:
We note that as of early 2025, both the China-Singapore Free Trade Agreement Further Upgrade Protocol and the China-Maldives Free Trade Agreement have officially taken effect. Could you please outline the Ministry of Commerce's efforts in 2024 to expand its network of high-standard free trade zones and further enhance opening-up measures? What new initiatives are planned for 2025? Thank you.
Li Yongjie:
Thank you for your question. Let me address this matter. We appreciate your interest in the Ministry of Commerce's work on free trade agreement negotiations. As outlined at the third plenary session of the 20th CPC Central Committee, China is committed to expanding its network of high-standard free trade zones with global partners. As my colleague noted earlier in response to questions about foreign trade, China has now signed 23 free trade agreements with 30 countries and regions. Our free trade partners span five continents, and our network of free trade zones continues to expand and deepen.
In 2024, we achieved new milestones in free trade zone development, broadening our network of free trade partners. First, a batch of free trade agreements officially came into effect, including four free trade agreements with Nicaragua, Ecuador, Serbia and the Maldives, a further upgrade protocol to the free trade agreement with Singapore, and an early harvest arrangement for the free trade agreement with Honduras. Several free trade arrangements have also achieved phased progress. For example, we have signed a trade in services and investment agreement with Belarus, and an upgrade protocol to the free trade agreement with Peru. As mentioned in my opening remarks, we have essentially concluded Version 3.0 China-ASEAN FTA negotiations. We have also launched a series of free trade negotiations, including initiating free trade agreement negotiations with El Salvador, beginning upgrade negotiations for the free trade agreement with Switzerland, and conducting negative list negotiations for the free trade agreement with New Zealand.
Beyond expanding our network of free trade partners, we have also enhanced the level of openness in our free trade agreements. The scope of our free trade agreements continues to expand. In addition to the familiar tariff concessions, our newly signed agreements now extensively cover negative lists for trade in services and investment, mutual recognition and cooperation in standards, as well as digital economy cooperation. These institutional arrangements for high-standard opening up will bring tangible benefits to businesses and people in both China and our free trade partner countries. Let me give two examples. First, as you mentioned, the China-Singapore Free Trade Agreement Further Upgrade Protocol took effect on Dec. 31, 2024. In this protocol, China and Singapore have made high-standard commitments to services and investment liberalization using a negative list approach, significantly reducing market access restrictions. This will further unlock bilateral cooperation potential and deepen the comprehensive, high-quality and forward-looking partnership between our two countries. Another example is the China-Maldives Free Trade Agreement, which you mentioned earlier, that took effect Jan. 1, 2025. Under this agreement, both sides will ultimately achieve zero tariffs on more than 95% of tariff lines and import value. The parties have also agreed to further open their service sectors and promote and protect two-way investment. This serves as a practical measure to implement the important consensus reached by the two countries' leaders and enhance their comprehensive strategic partnership.
In 2025, our free trade agreement negotiation agenda remains substantial. We will continue to actively pursue membership in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Digital Economy Partnership Agreement (DEPA), engage with member countries, and advance domestic reforms to align with these agreements' standards. We will also advance negotiations for new free trade agreements or upgrades to existing ones with several partners, including the Gulf Cooperation Council, Honduras, El Salvador, New Zealand, South Korea, Switzerland and others. We will work toward signing Version 3.0 of the China-ASEAN FTA on schedule and negotiate free trade agreements with additional interested countries and regions to expand our global network of high-standard free trade zones. At the same time, we will ensure high-quality implementation of existing free trade agreements, such as RCEP, so that these agreements can better serve businesses and people in both China and our free trade partner countries. Thank you.
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