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Source: People's Republic of China – State Council News
KUALA LUMPUR, October 28 (Xinhua) — The recently signed Protocol Upgrading the China-ASEAN Free Trade Area (FTA) to Version 3.0 opens new opportunities for expanding and strengthening trade and economic cooperation between the two sides, Chinese Premier Li Qiang announced on Tuesday.
Li Qiang made the announcement at the 28th China-ASEAN Leaders' Meeting, held Tuesday morning in Kuala Lumpur. Prior to the summit, Li Qiang and Malaysian Prime Minister Anwar Ibrahim attended the signing of the protocol.
During the signing ceremony, Chinese Minister of Commerce Wang Wentao and Malaysian Minister of Investment, Trade and Industry Tengku Zafrul Aziz signed the Protocol on Updating the China-ASEAN Free Trade Area to Version 3.0 in front of the national flags of China and the Association of Southeast Asian Nations (ASEAN) member states, in the presence of Li Qiang and Anwar Ibrahim. Tengku Zafrul Aziz then handed over the document to ASEAN Secretary-General Kao Kim Horn.
In addition to reducing customs duties and facilitating trade, the protocol expands cooperation to nine areas: digital economy; green economy; supply chain connectivity; standards, technical regulations, and conformity assessment procedures; sanitary and phytosanitary measures; customs and trade facilitation; competition and consumer protection; micro, small, and medium-sized enterprises; and economic and technical cooperation.
According to the Chinese Ministry of Commerce, after the signing of the protocol, both parties will conduct internal ratification procedures to facilitate the document's speedy entry into force and implementation.
The original agreement, signed in 2002, was fully implemented in 2010 and upgraded to version 2.0 in 2015. The Chinese Ministry of Commerce noted that the upgrade to version 3.0 demonstrates China and ASEAN's firm commitment to multilateralism and free trade, as well as their firm determination to jointly build an open, inclusive, and rules-based regional integrated market and a sustainable regional industrial and supply chain system that brings mutual benefits.
The ministry added that version 3.0 will provide greater confidence and momentum to regional and global economic growth.
Sun Xiao, Secretary-General of the China Chamber of International Commerce, noted that version 3.0 is not simply an expansion of the existing framework, but a high-level free trade agreement that is inclusive, modern, comprehensive, and mutually beneficial.
“This is not only an expansion of economic cooperation, but also a key step towards helping the region overcome its dependence on low-end manufacturing and achieve high-quality development,” he said.
The updated FTA provides SMEs with greater and more unimpeded access to the Chinese and ASEAN markets. "Local SMEs can now directly connect with regional markets through digital platforms. This is truly 'create locally and spread regionally,'" noted Tan Kar Hing, Deputy Chairman of the Centre for Regional Strategic Studies in Malaysia.
According to Suwat Techawatanawana, executive vice president of Thailand's leading bank Kasikornbank, sectors such as food, agricultural products, tourism, logistics and digital e-commerce will be among the first to benefit from the FTZ upgrade.
“The China-ASEAN FTA 3.0 will be a powerful starting point for the development of the digital economy, e-commerce, green economy and sustainability, ultimately promoting connectivity among small and medium-sized enterprises in the participating countries,” he emphasized.
Yea Kim Leng, a professor of economics at Sunway University in Malaysia, called the signing of the protocol “a timely update that not only aims to protect the region from global economic fragmentation and growing uncertainty, but is also a logical consequence of promoting inclusive development at the regional level.”
Revealing further details of cooperation under the China-ASEAN FTA 3.0, Li Qiang announced in his speech at the 28th China-ASEAN Leaders' Meeting that China will further invest in the China-ASEAN Cooperation Fund and is ready to establish a China-ASEAN Digital Academy, an AI cooperation platform, and a maritime development and technology cooperation center, adding that the two sides will deepen cooperation in the fields of transportation, digital economy, green economy, disaster prevention and mitigation, and climate change.
The Chinese Prime Minister indicated that China is willing to strengthen the alignment of development strategies with ASEAN countries and effectively implement the action plan for the China-ASEAN Comprehensive Strategic Partnership for 2026-2030, so as to further strengthen the comprehensive cooperation framework between China and ASEAN.
In his speech, Li Qiang also called for accelerating consultations on the Code of Conduct in the South China Sea and striving for their early completion.
The Premier of the State Council called on China and ASEAN countries to join forces to strengthen their own strength, resist external shocks, and protect their legitimate rights and interests through mutual support and coordinated actions in the face of new changes in the current international situation. –0–
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