On November 4, Chinese Minister of Commerce Wang Wentao held a collective meeting with representatives from five Pacific Island nations, including the Federated States of Micronesia, Kiribati, Nauru, Vanuatu, and Fiji. Following the meeting, Minister Wang signed the Framework Agreement on Enhancing Economic Partnership (referred to as the "Framework Agreement") with each representative.
The Framework Agreement covers key areas such as objectives, principles, negotiation scope, points of contact, institutional arrangements, future development, implementation, amendments, and termination. China and the participating Pacific Island nations agreed to engage in flexible and pragmatic negotiations on specific topics, including trade in goods, trade in services, investment, regulations, and practical cooperation. The agreement aims to expand bilateral trade, support Pacific Island nations in attracting investment, accelerate industrialization and agricultural modernization, and deepen participation in global industrial and supply chain cooperation. This initiative seeks to foster mutual development and build a closer China-Pacific Island nations community with a shared future.
The signing of the Framework Agreement represents a significant step in implementing the guiding principles of the 20th National Congress of the Communist Party of China and its subsequent plenary sessions, as well as expanding China's openness to the world. It marks the latest progress in developing a high-standard global free trade network. China will actively advance negotiations on specific topics with these nations on a mutually beneficial basis, further promoting high-level openness and sharing the opportunities of its vast domestic market and development prospects with Pacific Island nations. The goal is to ensure that the benefits of the agreement reach businesses and people on both sides as soon as possible.
Comments