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What does the new ASEAN-China trade agreement include?
The upgraded ASEAN-China Free Trade Area 3.0 expands on previous agreements by including new sectors like digital trade and green economy initiatives. It aims to deepen economic ties, reduce tariffs, and promote sustainable development across member countries, covering a market of over 2 billion people.
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How will this trade pact impact regional economies?
The agreement is expected to boost trade volumes, attract investments, and create new opportunities for businesses in Southeast Asia. With trade surging from $235.5 billion in 2010 to nearly $1 trillion last year, the pact could accelerate economic growth and integration in the region.
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What are the reactions from the US and other countries?
While the US has expressed cautious interest, some nations view the pact as a way for China to strengthen its influence in Southeast Asia. Diplomatic exchanges continue, with countries balancing their regional interests amid ongoing US-China tensions.
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Does this deepen China’s influence in Southeast Asia?
Yes, the agreement enhances China’s economic presence and strategic influence in the region. By fostering closer ties through trade and cooperation on green and high-tech sectors, China is solidifying its role as a key regional player.
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Are there any military tensions related to this trade deal?
Recent military incidents, such as Chinese fighter jets releasing flares near Australian aircraft over the South China Sea, highlight ongoing regional tensions. Despite these conflicts, diplomatic efforts aim to maintain stability and promote cooperation.