KUALA LUMPUR: Economic cooperation between ASEAN and China is poised for a major boost with the upcoming ASEAN-China Free Trade Area (ACFTA) 3.0 agreement, set to be finalised later this year.
The deal marks a strategic step in reinforcing trade ties amid global economic uncertainties.
Malaysia’s Foreign Minister Datuk Seri Mohamad Hasan emphasised the timing of the agreement, noting its significance as ASEAN strengthens economic resilience.
“In this context, the signing of the ASEAN-China Free Trade Area 3.0, scheduled for later this year, comes at an opportune moment,“ he said during the ASEAN Post-Ministerial Conference with China.
The discussions took place alongside the 58th ASEAN Foreign Ministers’ Meeting (AMM), hosted under Malaysia’s 2025 ASEAN Chairmanship, focusing on inclusivity and sustainability.
The original ACFTA, launched in 2010, remains one of the world’s largest trade pacts, spanning a market of over two billion people.
The upgraded agreement aims to further dismantle tariffs and trade barriers, enhancing economic integration, investment flows, and supply chain stability.
ASEAN and China have maintained their status as each other’s top trading partners for four straight years, with bilateral trade hitting US$770.94 billion in 2024, a 10.61 per cent increase from 2023.
Despite progress, Mohamad cautioned against complacency, stressing the need to safeguard an open and rules-based trading system.
The ACFTA 3.0 upgrade is expected to solidify ASEAN-China economic relations while addressing emerging global trade challenges. - Bernama
