Asean, China sign protocol to upgrade comprehensive economic agreement framework

KUALA LUMPUR: Asean Economic Ministers today signed the protocol to amend the Framework Agreement on Comprehensive Economic Co-Operation between the regional grouping and China.
The signing is related to the upgrading of the Asean-China Free Trade Agreement (ACFTA) and aimed at streamlining and enhancing economic cooperation, in line with changes in the trade and economic landscape.
It includes amendments to the agreement on trade in goods, services, investment, economic and technical cooperation.
In a statement, the Ministry of International Trade and Industry (Miti) said the amendments under the protocol, are expected to contribute and meet the goals set forth by the leaders of Asean and China to achieve two-way trade of US$1 trillion (RM4.28 trillion) and investments of US$150 billion by 2020.
The ACFTA has contributed to the rapid development of trade and investment between Asean and China.
"It is important that the scope and content of the ACFTA continues to grow in line with the current regional and global economic landscape and comparable to other modern free trade agreements," said Miti.
The signing ceremony was held on the sidelines of the 27th Asean summit and related summits here. — Bernama