China optimistic about ASEAN market

Chinese Premier Li Qiang announced on Thursday that significant progress has been made in the negotiations for the ASEAN-China Free Trade Area (ACFTA) 3.0.

Speaking at the 27th ASEAN-China Summit in Vientiane, Laos, the Chinese Premier highlighted that market resources are the strongest advantage shared by both the Association of Southeast Asian Nations (ASEAN) and China, especially amid rising global uncertainties.

Li emphasized that both ASEAN and Chinese markets are continuing to expand and open up, but warned that the global economic recovery still faces challenges, including declining global demand.

On the same day, the Chinese Premier held talks with Australian Prime Minister Anthony Albanese on the sidelines of the East Asia cooperation meetings.

Li noted that China-Australia relations have stabilized recently, with both countries increasing cooperation in various sectors and boosting exchanges at local and people-to-people levels, signaling a promising future for their relationship.

Following their meeting, PM Albanese announced that China will lift its ban on Australian lobster imports, marking the end of the trade dispute between the two nations. Both sides agreed on a timeline to fully restore lobster trade by the end of this year.