Sharon Hu, journalist for Southern Finance Omnimedia Corp (SFC)
Currently, China and ASEAN countries are engaging in comprehensive cooperation to mitigate the impacts of the indiscriminate imposition of tariffs by the United States.
"Establishing a China-ASEAN common market is regarded as an effective solution to the impacts of U.S. tariff policies," Shandre stated. China and ASEAN common market is defined as a market free from trade barriers, where all participating countries promote the unrestricted flow of goods, investment, and personnel.
Recently, Shandre Mugan Thangavelu, a professor and head of the Jeffrey Cheah Institute on Southeast Asia at Sunway University in Malaysia, stated in an exclusive interview with the 21st Century Business Herald during the Third China-ASEAN Economic Relations Seminar that the Asian region should not only expand intra-regional trade through the RCEP but also enhance trade in services. He emphasized that if E-commerce is better leveraged in the East Asian region, it could create a robust demand side, reducing the region's reliance on demand from the United States or Western countries in the future.
In recent years, the digital economy has created new opportunities for economic and trade cooperation between China and ASEAN. Data indicates that the cross-border E-commerce transaction volume between China and ASEAN has been growing at an average annual rate of over 20%, making it a significant driving force behind the growth of bilateral trade.
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