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China hopes to conclude ASEAN-China FTA 3.0 negotiations soon

China is ready to work together with the Association of Southeast Asian Nations (ASEAN) to conclude negotiations for version 3.0 of the ASEAN-China Free Trade Area (ACFTA), Chinese Vice Minister of Commerce Wang Shouwen has said.

Hanoi (VNA)- China is ready to work together with the Association of Southeast Asian Nations (ASEAN) to conclude  negotiations forversion 3.0 of the ASEAN-China Free Trade Area (ACFTA), Chinese Vice Minister ofCommerce Wang Shouwen has said.

Speaking at the openingceremony of the fifth round of negotiations taking place in Hangzhou city, Zhejiang province, on January 31, he said that China aims to further upgrade liberalisation oftrade and investment with ASEAN, on the basis of the existing ACFTA and theRegional Comprehensive Economic Partnership (RCEP).

He noted that China is alsowilling to expand practical cooperation with ASEAN in emerging areas such as tradeof intermediate goods, digital trade and cross-border e-commerce.

The ongoing round of negotiations is expectedto last until February 2 with the participation of nearly 400 officials fromrelevant agencies of China and ASEAN countries.

The negotiations on the ACFTAwere launched in 2000. Version 1.0 of the ACFTA was officially established in2010, with more than 90% of the tax items of the two sides enjoying zero tarifftreatment. The ACFTA was officially upgraded to version 2.0 in 2019. At theASEAN-China Summit in November 2022, the two sides announced the launch ofnegotiations to upgrade the ACFTA to version 3.0./.

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