China, ASEAN Conclude New Free Trade Agreement
(MENAFN) China and the Association of Southeast Asian Nations (ASEAN) wrapped up negotiations on the latest version (3.0) of the China-ASEAN Free Trade Area on Wednesday, as reported by a news agency.
The agreement was finalized just before the 46th ASEAN Summit, set to take place in Kuala Lumpur, Malaysia, from May 26 to 27, where leaders from all 10 ASEAN countries are expected to attend, according to media reports.
The updated deal introduces nine new chapters, including topics like the digital economy, green economy, supply chain connectivity, competition and consumer protection, as well as support for small, medium, and micro enterprises, according to a statement from China’s Ministry of Commerce.
This updated framework is aimed at enhancing regional economic cooperation by streamlining production and supply chains, addressing “challenges facing global economy and trade,” the statement said.
“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,” the ministry further stated.
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