Good omen for regional peace, prosperity

The two-day China-ASEAN foreign ministers' meeting in Beijing, which concluded on Friday, has sent positive signals to the region and beyond. By pledging to take new initiatives to consolidate their strategic partnership and resolve territorial disputes through consultation and cooperation, the two sides have shown their determination to take their interactions to a new height.

China and ASEAN have agreed to upgrade their free trade area (FTA) by accelerating regional economic integration, further opening their markets to each other, and deepening trade and investment liberalization, Foreign Minister Wang Yi said on Thursday after a special meeting with his counterparts from ASEAN member states and ASEAN Secretary-General Le Luong Minh.

The China-ASEAN FTA, the most important outcome of China-ASEAN cooperation in recent years, has thrived since its launch on Jan 1, 2010, to become the largest free trade area among emerging economies. Last year, the two-way trade volume topped $400 billion, a six-fold increase over a decade ago. China is ASEAN's largest trading partner, while ASEAN is the third-largest trading partner of China.