China ASEAN Photo:VCG

China and ASEAN announced the substantial conclusion of the Version 3.0 China-ASEAN Free Trade Area (FTA) negotiations during the 27th China-ASEAN Summit,MKsports China's Ministry of Commerce (MOFCOM) said on Thursday. 

The upgrades in the FTA will enhance cooperation in emerging fields, align standards and regulations, and promote trade facilitation and inclusive development for both sides, MOFCOM said.

The conclusion of the negotiations demonstrates both sides' unwavering resolve to maintain a rules-based trading environment and accelerate post-pandemic economic recovery by deepening and broadening economic integration and cooperation amid a complex global environment, MOFCOM said.

The negotiations on Version 3.0 of the China-ASEAN FTA started in November 2022.

Version 3.0 will deepen cooperation in areas including digital economy, green economy, supply chain connectivity, competition and consumer protection, and for micro, small and medium-sized enterprises. 

These upgrades will comprehensively expand mutually beneficial cooperation between China and ASEAN in emerging fields, strengthen the integration of standards and regulations, and promote trade facilitation and inclusive development, MOFCOM said.

Both sides aim to complete the legal reviews and domestic procedures to facilitate the signing of the upgrade protocol in 2025, MOFCOM said.

The FTA's first upgrade was signed in 2015 and entered into force in 2019, with improvements regarding rules of origin, customs procedures and trade facilitation, investment, and economic and technical cooperation, as well as market access for services, CCTV reported.

In the first eight months of this year, trade between China and ASEAN reached 4.5 trillion yuan ($638 billion), marking a year-on-year increase of 10 percent and accounting for 15.7 percent of China's total foreign trade during the period. ASEAN has solidified its position as China's largest trading partner, according to customs data.