Joint efforts fuel regional cooperation

BEIJING－Following a series of virtual meetings among the leaders of the Association of Southeast Asian Nations, China, Japan and the Republic of Korea, prospects of even more vibrant cooperation are emerging. That would enable the region to manage the novel coronavirus pandemic more effectively and boost economic recovery.

In times of adversity including two financial crises, major natural disasters and the onslaught of COVID-19, East Asian countries have stood together and looked out for each other.

The Special ASEAN Plus Three (China-Japan-ROK) Summit on COVID-19 was held in April. The active implementation of the summit's outcomes has bolstered the region's response to the contagion, leading to relatively low infection rates.

As the world faces a second wave of infections, hopes are being placed on the development of vaccines. The ASEAN Regional Reserve of Medical Supplies was officially launched recently during the 37th ASEAN Summit.

China has pledged to work with other parties to establish the ASEAN Plus Three Reserve of Medical Supplies for Public Health Emergencies and enhance its coordination with the RRMS.

What's also worth noting is that four Chinese vaccines are currently in Phase III clinical trials, and China is collaborating with a number of countries on the research and development, production and procurement of vaccines. China has joined COVAX, a United Nations-backed global facility, to ensure effective and equitable access to COVID-19 vaccines, and is ready to advance international vaccine cooperation.

China has also promised to take into account the needs of countries in the region and work toward the accessibility and affordability of vaccines.

"East Asian countries supported each other with medical supplies and shared relevant experiences and technologies, which proved through facts and actions that multilateralism, solidarity and cooperation are the most effective ways to deal with the pandemic," said Cao Jing, deputy secretary-general of the Trilateral Cooperation Secretariat.

For more than 50 years, a well-connected and sophisticated industrial system that draws on the strengths of different parties has gradually taken shape in East Asia, playing an important role in spurring the economic growth of countries in the region and enhancing regional competitiveness.

A report recapping the achievements of the China-ASEAN Free Trade Area was released recently as the two sides celebrate the 10th anniversary of CAFTA's full establishment. The Regional Comprehensive Economic Partnership agreement was signed among its 15 participating countries, launching the world's biggest free trade bloc.

Participating countries include the 10 member states of ASEAN(Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam) and China, Japan, the Republic of Korea, Australia and New Zealand.

The World Bank Group said in a report published in June that growth in East Asia and the Pacific is projected to fall to 0.5 percent in 2020 and it is the only region that could see growth this year. The International Monetary Fund forecast that China would be the only major economy to post positive growth in 2020.

China's growth, given its role in the region, "is having positive spillovers, for the region and for commodity prices and for, broadly, participants in the global value chains that China is a big part of", said Jonathan D. Ostry, acting director of the IMF's Asia and Pacific Department, during an online news conference in October following the release of the IMF's Regional Economic Outlook.

Despite disruptions caused by COVID-19, China's trade with ASEAN, Japan and the ROK all held basically steady in the first three quarters. In the January-September period, China-ASEAN trade reached $481.81 billion, up 5 percent year-on-year, making ASEAN China's largest trading partner. China's industrywide foreign direct investment in ASEAN topped $10.72 billion, jumping 76.6 percent year-on-year.

Countries in the region are working on the establishment of a network of "fast tracks" and "green lanes" in a phased manner to facilitate the flow of people and goods.

The importance of the digital economy has been further uncovered in the context of COVID-19. The ASEAN has adopted the ASEAN Digital Masterplan 2025, and China is formulating a national plan on IT applications for the 14th Five-Year Plan period (2021-25).

This year has been designated as the China-ASEAN Year of Digital Economy Cooperation. On this basis, the two sides are working to synergize digital development strategies and boost infrastructure development and transformation in the digital field. Cooperation on innovation in areas such as e-commerce, smart cities, big data and 5G is expected to intensify.

Xinhua