China, ASEAN Complete Upgraded Free Trade Deal
(MENAFN) China and the Association of Southeast Asian Nations (ASEAN) have wrapped up negotiations on the updated version 3.0 of the China-ASEAN Free Trade Area, as reported by the media.
This upgraded agreement marks a significant step in enhancing economic relations between China and the Southeast Asian bloc.
The conclusion of the discussions comes just ahead of the 46th ASEAN Summit, set to take place from May 26 to 27 in Kuala Lumpur, Malaysia.
The summit will gather the heads of state from all ten ASEAN nations, according to the media.
According to a release from China’s Ministry of Commerce, the revised trade pact incorporates nine additional sections.
These include areas such as the digital economy, green development, integration of supply chains, market competition and consumer rights, support for small, medium, and micro-sized businesses, and cooperation in both economic and technical fields.
The Ministry emphasized that by weaving together production and supply networks, the new framework will help advance deeper regional economic collaboration in the face of “challenges facing global economy and trade.”
Furthermore, the Ministry highlighted that “the conclusion of the negotiations aligns with the global development trend, demonstrates the strong vitality of free trade and open cooperation, injects greater certainty into regional and global trade, and plays a driving and demonstrative role for countries to uphold openness, inclusiveness, and mutually beneficial cooperation.”
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