Experts believe that in light of growing protectionism, closer market ties between China and ASEAN are crucial for economic growth on both sides. They also suggest that stronger economic cooperation could improve security relations between China and the ASEAN bloc.
Li pointed out that in today's economy, markets have become the most valuable resource, and this is where both China and ASEAN have a major advantage, especially with growing global uncertainties, according to Xinhua News Agency.
During the summit, Li emphasized that the global economic recovery is still sluggish, with increasing concerns over weak global demand.
He also noted that both China and ASEAN markets continue to expand and further open up.
Li expressed his pleasure in announcing with ASEAN leaders that negotiations for the version 3.0 China-ASEAN free trade area (FTA) have reached a substantial conclusion.
"This FTA upgrade is especially important given the current rise in protectionism," said Singapore's Prime Minister Lawrence Wong during the summit in Vientiane, the capital of Laos, as reported by media.
At the 27th ASEAN Plus Three Summit in Vientiane on Thursday, Li also said that China is ready to collaborate with ASEAN, Japan, South Korea, and other Asian countries to promote Asian unity, share Eastern wisdom, and work together toward an Asia characterized by peace, prosperity, openness, and connectivity.
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