【By Observer News, Qi Qian】

The 47th ASEAN Summit and related meetings were held from October 26 to 28. During this period, the RCEP Leaders' Meeting, which had not been held for five years, was held again in Malaysia on the 27th. On the 28th, China and ASEAN signed the China-ASEAN Free Trade Area 3.0 Upgrade Protocol in Kuala Lumpur, emphasizing support for multilateralism and free trade.

"China has filled the gap left by the US at the ASEAN Summit, promoting trade multilateralism," Reuters reported on the 27th with this headline, stating that President Trump briefly appeared at the ASEAN Summit and continued to issue tariff threats; while China took the lead in maintaining free trade and opposing protectionism.

However, the EU and Japan continue to hype up the "rare earth crisis."

According to reports, the President of the European Council, Costa, expressed "strong concerns" about China's measures to restrict rare earth exports.

He told reporters during the summit: "We are very concerned about our trade relations with China, especially the recent measures taken by China... We hope these issues can be resolved in an appropriate manner."

The Japanese Ministry of Foreign Affairs also expressed concerns about the rare earth issue, while questioning China's statements about maintaining free trade.

"China has implemented export restrictions on rare earths, which have a huge impact on the supply chain," then Japanese Ministry of Foreign Affairs spokesperson Kitamura Shunpei later defended the US, falsely accusing China of "trying to use the US tariff issue to pretend to be a guardian or defender of the free trade system."

Photo of Japanese Ministry of Foreign Affairs Spokesperson Kitamura Shunpei, Japanese Ministry of Foreign Affairs website

After the Trump administration announced the so-called "reciprocal tariffs" in April, Japan was one of the first countries to negotiate with the US. Despite multiple rounds of ministerial-level talks, Japan found it difficult to reconcile differences with major trading partners, particularly the US, on issues such as automobiles and rice.

After nearly five months of arduous negotiations, on September 4, Trump signed an executive order to implement the trade agreement reached with Japan in July: the US will impose a 15% base tariff on almost all Japanese products entering the US, while implementing specific treatment for certain sectors such as automobiles and auto parts, aerospace products, generic drugs, and natural resources that cannot be naturally obtained or produced in the US.

However, the Japanese business sector believes that although the car tariff rate under the new agreement is lower than the current level (27.5%), it has significantly increased compared to the beginning of this year, and is expected to impact Japanese exports.

Notably, the executive order stated that Japan has agreed to invest $55 billion in the US, and the relevant investment will be chosen by the US.

About the rare earth export control issue, China has repeatedly stated its position. On October 21, Commerce Minister Wang Wentao stated that China's recent measures are normal practices to improve the Chinese export control system in accordance with laws and regulations, reflecting China's responsibility as a major country to maintain world peace and stability. China is committed to maintaining the security and stability of the global industrial and supply chains and has always provided approval convenience for EU enterprises.

On the evening of the 27th, the RCEP Leaders' Meeting was held again in Malaysia after five years.

RCEP Leaders' Meeting held in Malaysia, screenshot from video

Reuters reported earlier that after Trump hastily ended his participation in the 47th ASEAN Summit, leaders of many countries continued to negotiate in Kuala Lumpur, seeking to build a new regional stability framework through RCEP and other multilateral cooperation mechanisms to counter the risk of trade protectionism.

It was revealed that the US government only sent two low-level officials to attend this meeting.

The RCEP agreement was initiated by the 10 ASEAN countries and invited six dialogue partner countries: Australia, China, India, Japan, South Korea, and New Zealand. In 2020, except for India, the remaining 15 countries formally signed the agreement. The RCEP is currently the largest trade agreement in the world, accounting for about 30% of the global GDP, and is seen by some analysts as a potential buffer against Trump's tariffs.

The host country, Malaysian Prime Minister Anwar, delivered the opening speech, emphasizing the importance of RCEP.

Anwar pointed out that the summit was held at a critical time, making its importance more significant than ever before. She said, "The results of our cooperation lay the foundation for long-term peace and prosperity in the Asia-Pacific region."

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Original: https://www.toutiao.com/article/7566167684136649225/

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