The upgraded free trade agreement between ASEAN and China – ASEAN-China Free Trade Area 3.0 (ACFTA 3.0) – was signed today on the final day of the 47th ASEAN Summit.
Kuala Lumpur: The upgraded free trade agreement between ASEAN and China – ASEAN-China Free Trade Area 3.0 (ACFTA 3.0) – was signed today on the final day of the 47th ASEAN Summit.
The agreement, which strengthens and modernizes trade ties between the bloc and China, was signed by Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Aziz and Chinese Commerce Minister Wang Wentao.
The signing ceremony was attended by Prime Minister Datuk Seri Anwar Ibrahim, who is also the current ASEAN Chairman, and Chinese Premier Li Qiang, along with other ASEAN leaders and representatives.
The ACFTA 3.0 upgrade is expected to pave the way for deeper cooperation, enhanced regional connectivity and shared prosperity between ASEAN and China.
First established in 2010, the ASEAN–China Free Trade Area became one of the world’s largest free trade areas by population and then the third largest by nominal GDP.
The original agreement significantly reduced tariffs on goods traded between ASEAN member states and China, laying the foundation for greater economic integration.
The latest upgrade, following nine rounds of formal talks that began in November 2022 and concluded in October 2024, marks a new milestone in the ASEAN-China strategic partnership. It laid emphasis on regional economic resilience, inclusivity, stability and connectivity.
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