China To Boost RCEP Cooperation, Urges ASEAN+3 To Strengthen Crisis Response -- Wang Yi

KUALA LUMPUR, July 10 (Bernama) – China is willing to continue contributing to the Regional Comprehensive Economic Partnership (RCEP) economic and technical cooperation fund to help ASEAN countries enhance their implementation capacity under the agreement.

Chinese Foreign Minister Wang Yi said that in the three years since its implementation, the RCEP has significantly boosted regional trade and investment, with trade volume reaching US$5.7 trillion last year — a 2.7 per cent increase from the previous year.

"We should work collaboratively to cultivate new drivers of growth and effectively implement the agreements reached by our leaders in areas like electric vehicles, supply chains, and connectivity," he said.

Wang said China aims to expand cooperation in digital transformation, and green and low-carbon development, while promoting exchanges in education, culture and tourism, media, and think-tanks to strengthen people-to-people ties and inject vitality into East Asia’s development.

Speaking at the 26th ASEAN Plus Three Foreign Ministers' Meeting (10+3) held today, Wang also welcomed the establishment of a rapid financing facility under the Chiang Mai Initiative Multilateralisation (CMIM), funded with freely usable currencies.

In May, China made an additional US$4 million contribution to the ASEAN+3 Macroeconomic Research Office (AMRO) China Technical Assistance Trust Fund to support the capacity building of member states in maintaining financial stability, he added.

"The ASEAN Plus Three Emergency Rice Reserve (APTERR) mechanism is steadily progressing. China has fulfilled its financial commitment for this quarter and is actively proceeding with physical stockpiling," he said.

Wang said the ASEAN Plus Three cooperation framework has yielded significant achievements, contributing to East Asia’s emergence as one of the world’s most vibrant and dynamic regions.

The concept of a "Shared Destiny" among these countries underscores that unity and collaboration are both essential and inevitable, he said. 

He also called on ASEAN, China, Japan and South Korea to strengthen their crisis response capabilities.

“The overall outlook in East Asia remains positive, with development and cooperation taking centre stage. However, challenges from unilateralism and protectionism persist,” he said.

"The more complex the situation becomes, the more we must align with the broader trend, remove disruptions, take on responsibilities, work in solidarity and continuously enhance cooperation momentum, resilience, and regional integration,” he said.

-- BERNAMA