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ASEAN, China ink upgraded free trade pact

The Association of Southeast Asian Nations (ASEAN) and China on October 28 formally signed an enhanced trade deal, as both sides seek to boost ties amid global uncertainties and trade tensions with the US.

At signing ceremony of the ASEAN-China Free Trade Area (ACFTA) 3.0 Upgrade Protocol. (Photo: CNA)
At signing ceremony of the ASEAN-China Free Trade Area (ACFTA) 3.0 Upgrade Protocol. (Photo: CNA)

Hanoi (VNA) - The Association of Southeast Asian Nations (ASEAN) and China on October 28 formally signed an enhanced trade deal, as both sides seek to boost ties amid global uncertainties and trade tensions with the US.

The deal was signed by China’s Minister of Commerce Wang Wentao and Malaysia's Investment, Trade and Industry Minister Tengku Zafrul Abdul Aziz, while flanked by Chinese Premier Li Qiang and Malaysian Prime Minister Anwar Ibrahim.

It’s the second upgrade of the ASEAN-China Free Trade Area (ACFTA) that was first inked in 2002 - making it then China’s first free trade agreement and ASEAN’s first with a major external partner. It then came into effect in 2010, with negotiations for the first upgrade starting in September 2014 and coming into force in 2019.

The so-called 3.0 version covers areas such as the digital and green economies as well as supply chain connectivity, among others, with Beijing previously touting the agreement as a pathfinder for improved market access in sectors such as agriculture, the digital economy and pharmaceuticals between China and ASEAN./.

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