China and the Association of Southeast Asian Nations (ASEAN) have signed an updated free trade agreement, ACFTA 3.0, expanding it to new areas of cooperation. The signing took place within the framework of the 47th ASEAN Summit in Kuala Lumpur. This is reported by CCTV+, a partner of TV BRICS.
The ceremony was attended by Premier of the State Council of the People's Republic of China Li Qiang, Prime Minister of Malaysia Anwar Ibrahim, Minister of Commerce of China Wang Wentao and Minister of Investment, Trade and Industry of Malaysia Tengku Zafrul Aziz.
The first agreement between the parties was concluded in 2002, and entered into force in 2010. In 2019, the parties have already updated the document, and now, after three years of negotiations, the ACFTA 3.0 version has been approved, which reflects the new economic realities and needs of the region.
The updated version of the agreement outlines nine key areas of cooperation. In addition to the traditional areas of customs regulation, standardization and trade procedures, the document includes new areas such as digital and green economy, sustainable development, support for small and medium—sized businesses, interconnection of supply chains and consumer protection.
According to Minister Tengku Zafrul, the new version of the ACFTA is designed to reduce trade barriers, enhance transparency of procedures and adapt rules to the era of digital transformation. The document also includes single window mechanisms and measures to increase the economic potential of the participating countries.
China has remained ASEAN's largest trading partner for 16 consecutive years. In 2024, the volume of bilateral trade reached 982.3 billion US dollars, which is more than 17 times higher than in 2002. At the same time, for the fifth year in a row, the ASEAN countries have held the first place among China's foreign economic partners.
Experts note that ACFTA 3.0 will be an important step towards strengthening regional integration, increasing business competitiveness and opening up new opportunities for sustainable development.
