Managing success for road that lies ahead

As the Belt and Road Initiative enters the second decade of implementation, its sphere of global outreach has been growing with gusto.

- ONG TEE KEAT

Over 150 countries across the world have endorsed the mammoth endeavor of economic integration by participating in multilateral cooperation.

"High quality" is now a new benchmark set for the mega deal. New drivers for economic growth and areas for collaboration have, by and large, been earmarked at the third Belt and Road Forum for International Cooperation last year. Nonetheless, this is still very much dictated by the changing dynamics of the respective regions.

The substantial conclusion of the upgrade negotiations on the ASEAN-China Free Trade Area 3.0, announced at the 27th China-ASEAN Summit last month, came as a timely triumph for economic integration and multilateral cooperation at a time when external powers are indulging in incessant wedgedriving and sowing of discord in the Asia-Pacific region.

The ASEAN-China FTA has been the institutional cornerstone of economic and trade relations between China and the 10-member bloc. The conclusion of the latest upgrade with the inclusion of consumer protection and competition provisions signifies a landmark breakthrough beyond traditional cooperation, underscoring the increasing significance of the consumer protection regime, alongside transparency in competition since the previous upgrade.

Through this agreement, cooperation and coordination in consumer protection and competition, particularly in digital transaction, is all set to be enhanced.