ASEAN, China sign upgraded free trade deal

The Association of Southeast Asian Nations (ASEAN) and China have signed an upgraded free trade deal, the ASEAN-China Free Trade Area 3.0 Upgrade Protocol, to foster new economic opportunities and deepen regional integration.

This upgraded agreement aims to empower micro, small, and medium enterprises within the ASEAN region and expand cooperation into new and emerging areas, including the digital and green economies, supply chain resilience, competition, and consumer protection.

The signing took place on the sidelines of the 47th ASEAN Summit at the Kuala Lumpur Convention Center in Malaysia.

The upgraded trade deal was signed by Malaysia's Minister of Investment, Trade and Industry Senator Tengku Datuk Seri Utama Zafrul Tengku Abdul Aziz and China's Minister of Commerce Wang Wentao.

The signing was witnessed by Malaysian Prime Minister Anwar Ibrahim and Chinese Premier Li Qiang, with Philippine President Ferdinand Marcos Jr. also present.

Chinese Premier Li Qiang stated that closer economic cooperation could help overcome global uncertainties amid coercion and bullying.

The free trade agreement (FTA) lowers tariffs on goods and boosts the flow of services and investment in an area that covers a combined market of more than two billion people.

Chinese trade with the 11-member bloc reached $771 billion last year, making ASEAN its biggest trading partner.