The Ministry of Commerce Photo: VCG

Ministry of Commerce (MOFCOM) announced Thursday that China has signed 23 Free Trade Agreements (FTAs) with 30 countries and regions on five continents, while continuing to expand and enhance its FTA network. Recent agreements feature improved scope and quality, including negative lists for services and investment and provisions for the digital economy.

The China-Maldives FTA came into effect on January 1 in 2025, marking a significant step in implementing the consensus between the two countries' leaders and strengthening their comprehensive strategic partnership, said He Yadong, the spokesperson of MOFCOM, at a press conference.

He said that over 95 percent of goods trade between China and the Maldives will now be tariff-free. Chinese exports like ships, electronics, and agricultural products benefit, while Maldivian fish, seafood, nuts and wooden ornaments will gain preferential access to the Chinese market.

Both sides have further opened their service sectors. In investment, the two countries grant each other national treatment and mutually commit to the effective protection of two-way investments, according to He.

Besides, the upgraded protocol of the China-Singapore FTA took effect on December 31, 2024, He said. 

"The protocol adopts a negative list approach for high-level commitments in services and investment, further opening manufacturing markets and reducing restrictions on service sectors. It aligns with high-standard international trade rules in services, investment and telecommunications, while fostering cooperation in emerging fields like the digital economy. Its implementation will deepen the forward-looking, high-quality partnership between China and Singapore," he said.

China will further expand its high-standard FTA network globally and focus on effectively implementing existing agreements to deliver greater benefits to the people of China and its FTA partners, He said.

Regional Comprehensive Economic Partnership (RCEP), the world's largest FTA, has significantly expanded its influence over the past three years, deepening trade ties and driving Asia-Pacific integration, He noted.

January 1 marked the third anniversary of the inception of RCEP. He noted that since its inception, trade with RCEP members has consistently made up over 30 percent of China's total trade, reaching 12.7 trillion yuan ($1.74 trillion) in 2023, representing a 6.3 percent increase compared with 2021. From January to November 2024, this figure reached 12 trillion yuan, up 4.4 percent year-on-year.

Global Times