China, 5 Pacific Island countries sign framework agreement to upgrade economic partnership: MOFCOM

Chinese Commerce Minister Wang Wentao on Tuesday met with senior officials from five Pacific Island countries — the Federated States of Micronesia, the Republic of Kiribati, the Republic of Nauru, the Republic of Vanuatu and the Republic of Fiji. Following the meeting, Minister Wang signed the framework agreement to upgrade economic partnership with representatives from the five countries respectively, according to a Wednesday statement published on the Ministry of Commerce (MOFCOM)'s website.

The framework agreement includes a preamble, objectives, principles, scope of negotiations, contact points, institutional arrangements, future development, entry into force, amendments, and termination clauses, according to the MOFCOM.

China and the relevant Pacific Island countries agreed to carry out flexible and pragmatic negotiations on specific issues such as trade in goods and services, investment, rules, and practical cooperation. Through establishing institutional arrangements, the parties aim to expand bilateral trade, support Pacific Island nations in attracting investment, accelerate industrialization and agricultural modernization, and deepen participation in global industrial and supply chain cooperation. The goal is to achieve common development and jointly build a closer China-Pacific Island community with a shared future, the statement said.

The signing of the framework agreement marks an important step in implementing the guiding principles of the 20th National Congress of the Communist Party of China (CPC) and subsequent plenary sessions, as well as a key measure to further open up China's economy. It represents the latest progress in expanding China's network of high-standard free trade zones worldwide.

In line with the framework agreement, China will actively advance negotiations on specific topics with the relevant Pacific Island countries on the basis of mutual benefit and win-win cooperation. The goal is to further promote high-level opening-up, share China's vast market and development opportunities with the Pacific Island nations, and ensure that the benefits of the agreement reach businesses and people on both sides as soon as possible.