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ASEAN, China conclude talks on upgraded free trade area

ASEAN and China are each other’s largest trading partners and key investors, both are supporters of economic globalisation and multilateralism.

Beijing (VNA) – ASEAN and China have officially concluded negotiations on the Version 3.0 China-ASEAN Free Trade Area (CAFTA). The announcement was made at the Special ASEAN-China Economic and Trade Ministers’ Meeting held virtually on May 20.

Negotiations for the 3.0 upgrade began in November 2022 and reached completion by October 2024, following nine official rounds of talks.

The upgraded version aims to reinforce commitments to free trade and open cooperation. ASEAN and China are each other’s largest trading partners and key investors, both are supporters of economic globalisation and multilateralism.

As two of the world’s largest developing economies, ASEAN and China will use the upgraded free trade framework to expand collaboration in emerging sectors and productivity growth, creating long-term institutional support for building a mega ASEAN-China market and fostering a shared future.

Both sides plan to complete domestic approval procedures and aim to officially sign the upgraded ACFTA protocol by the end of this year./.

VNA
#ASEAN #China #Version 3.0 China-ASEAN Free Trade Area #Special ASEAN-China Economic and Trade Ministers’ Meeting China ASEAN
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