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What will the collaboration between ASEAN & China achieve?
The Association of Southeast Asian Nations (ASEAN) and China have reached a mutual agreement to reduce barriers hindering the flow of services between the two parties.
Australian Prime Minister Anthony Albanese arrives at the ASEAN Summit in Phnom Penh, Cambodia November 11, 2022.
Mutual agreement
The agreement, announced after a series of discussions, aims to boost trade relations and create a more conducive environment for the services sector.
The accord signifies a commitment to cutting red tape and regulatory obstacles that have historically impeded the growth of services trade between ASEAN member states and China.
Shared interests
The collaborative effort is expected to lead to increased market access and improved conditions for service providers, promoting healthy competition and innovation.
This move aligns with the broader regional trend of breaking down trade barriers and fostering stronger economic ties.