China, Southeast Asian bloc complete negotiations on 3.0 free trade area

ISTANBUL

China and the Association of Southeast Asian Nations (ASEAN) concluded negotiations Wednesday on version 3.0 of the China-ASEAN Free Trade Area, the Global Times reported.

The talks were finalized ahead of the 46th ASEAN Summit, scheduled for May 26 to 27 in Kuala Lumpur, Malaysia, and attended by the leaders from all 10 ASEAN member states, according to the Malay Mail.

There were nine new chapters introduced into the agreement, such as digital economy, green economy, supply chain interconnection, competition and consumer protection, small, medium and micro enterprises, economic and technical cooperation, said a statement from China’s Ministry of Commerce.

By integrating the production and supply chains, the arrangement will serve to promote intensive regional economic cooperation amid “challenges facing global economy and trade,” it 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 added.