The upgraded free trade pact between Asean and China — the Asean-China Free Trade Area 3.0 (ACFTA 3.0) — was signed today on the final day of the 47th Asean Summit.
KUALA LUMPUR: The upgraded free trade pact between Asean and China — the Asean-China Free Trade Area 3.0 (ACFTA 3.0) — was signed today on the final day of the 47th Asean Summit.
The agreement, which strengthens and modernises trade ties between the bloc and China, was inked by Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Aziz and Chinese Minister of Commerce Wang Wentao.
The signing ceremony was witnessed by Prime Minister Datuk Seri Anwar Ibrahim, who is also the current Asean chairman, and Chinese Premier Li Qiang, along with other Asean leaders and delegates.
The ACFTA 3.0 upgrade is expected to pave the way for deeper cooperation, enhanced regional connectivity and shared prosperity between Asean and China.
First established in 2010, the Asean–China Free Trade Area became one of the world’s largest free trade zones by population and was then the third-largest by nominal GDP.
The original pact significantly reduced tariffs on goods traded between Asean member states and China, laying the foundation for greater economic integration.
The latest upgrade, following nine rounds of formal negotiations launched in November 2022 and concluded in October 2024, marks a new milestone in the Asean–China strategic partnership. It emphasised regional economic resilience, inclusivity, sustainability and connectivity.
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