Asian economies in the post-pandemic era will need to continue to work together to further facilitate regional cooperation including free trade agreements (FTAs) and create new impetus into regional growth, according to a report released by the Boao Forum for Asia (BFA) on Jan. 14.

The report examines major FTAs signed both among Asian economies and with the rest of the world, analyzing main features and progress made in the trade in goods, services, investment, as well as dispute settlement modes, and puts forward policy recommendations on promoting regional economic integration.

"We hope that through building high-level free trade zones rooted in the realities of the various countries oriented towards the future, Asia could offer its solution to reshaping the multilateral trading system," said BFA Secretary General Li Baodong at an online seminar held the same day launching the report.

According to the report, domestically, Asian economies should open up wider through greater reform efforts, in a bid to create a market-oriented and rules-based business environment meeting international standards. It calls for institutional support to align domestic policies with foreign trade and investment expansion.

The report encourages major Asian economies to help and give special treatment to less developed members in the region concerning FTA-related affairs through information sharing, capacity building, training, and technical support.

Fairer international rules for trade and essential public products, supply chain connectivity, and a dispute settlement mechanism during the pandemic should be established, according to the report. It notes that digital trade and e-commerce should be considered in negotiating FTAs.

In regard to the economic integration, the report proposes to firmly implement the newly-signed Regional Comprehensive Economic Partnership (RCEP), accelerate China-Japan-ROK FTA talks, and enhance coordination and cooperation in rule-making under major regional economic arrangements such as RECP and Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

The report also urges Asian economies to act in accordance with the basic trade and investment principles of the WTO.

WTO data shows there were a total 60 regional trade agreements (RTAs) signed in Asia still in force as of the end of last June. This includes eight Partial Scope Agreements (PSAs), one Customs Union (CU), and 51 FTAs.

In addition, there were a total 111 RTAs in force signed between Asian economies and the rest of the world at the end of last June.

Zhou Xiaochuan, vice chairman of BFA, reinforced China's role in proactively participating and facilitating the free trade network in Asia, and acting as a main growth driver for the Asian and global economy.

"While redoubling efforts on FTAs and investment negotiations, China is benchmarking itself against the high standards of FTAs, rolling out policy trials in 21 free trade pilots across the nation, and promoting the construction of Hainan free trade port," Zhou said.

"China has been proactively participating in the reform of the WTO, resolutely supporting the multilateral trading system with the WTO at its core, and committed to promoting the construction of an open world economy," Zhou concluded.

According to the Communist Party of China (CPC) Central Committee's proposals for formulating the 14th Five-Year Plan (2021-2025) for National Economic and Social Development and the Long-Range Objectives Through the Year 2035, China plans to build a high-standard free trade area network with global reach.

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