China and ASEAN Announce Substantial Conclusion of ACFTA 3.0 Negotiations

Leaders from ASEAN and China gathered at the sidelines of the 27th ASEAN-China Summit in Vientiane, Laos on October 10, to announce the substantial conclusion of ASEAN-China Free Trade Area (ACFTA) 3.0 Upgrade Negotiations.

Leaders attended the 27th ASEAN-China Summit in Vientiane, Laos on October 10, 2024. (Photo by CFP)

The ACFTA 3.0 will open up new opportunities as it remains responsive towards emerging challenges and takes into account modern trade practices. The ACFTA 3.0 will deepen commitments in existing areas such as Customs Procedures and Trade Facilitation, Standard, Technical Regulations, and Conformity Assessment Procedures, Sanitary and Phytosanitary, and Economic and Technical Cooperation. In addition, it will introduce commitments and deepen cooperation in new areas, including the Digital Economy, Green Economy, Supply Chain Connectivity, Competition and Consumer Protection, and MSMEs. These enhancements will foster an inclusive and sustainable regional economy, improve supply chain connectivity and resilience, and support the ASEAN and China digital transformation.

The ACFTA is a pivotal FTA for both ASEAN and China. Signed in 2002, it marks ASEAN’s first FTA with an external Dialogue Partner and China’s first FTA. ASEAN and China remain committed to ensuring the ACFTA stays relevant, future-ready, and responsive to global challenges. The ACFTA’s first upgrade in 2014 was signed in 2015 and entered into force for all ACFTA Parties since 2019, with improvements in the chapters of Rules of Origin, Customs Procedures and Trade Facilitation, Investment, and Economic and Technical Cooperation, as well as Market Access for Services. At the 25th ASEAN-China Summit in November 2022, Leaders agreed to launch the ACFTA 3.0 Upgrade Negotiations.

Experts believe that in light of growing protectionism, closer market ties between China and ASEAN are crucial for economic growth on both sides. (By Zhao Anqi/China Youth Daily)

来源：中国青年报客户端