The so-called 3.0 version of the free trade area will inject greater certainty into regional and global trade.
China and the Association of South-east Asian Nations (Asean) have completed negotiations to further refine their free trade area to include the digital and green economy and other new industries, China’s commerce ministry said on Wednesday (May 21).
Asean, made up of 10 South-east Asian countries, is China’s largest trading partner, with the value of total trade reaching US$234 billion in the first quarter of 2025, according to Chinese customs data.
The so-called 3.0 version of the free trade area will “inject greater certainty into regional and global trade and play a leading and exemplary role for countries to adhere to openness, inclusiveness and win-win cooperation,” the statement said.
Negotiations began in November 2022, and the agreement covers areas including the digital economy, green economy, and supply chain connectivity, the statement said.
The pact will “promote the deep integration of the production and supply chains of both sides,” it added.
China has intensified engagement with Asean since US President Donald Trump announced hefty import tariffs on countries around the world and targeted China with even heavier levies. Some of the levies have since been delayed while China and the US agreed this month to pause some of their tariffs.
Source: The Business Times
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<p>Time: 2024 By: Ministry of Industry and Trade</p>
