China, ASEAN Conclude Negotiations On CAFTA 3.0 - Ministry Of Commerce 

From Kisho Kumari Sucedaram

BEIJING, May 22 (Bernama) -- China and ASEAN have officially concluded negotiations on Version 3.0 of the China-ASEAN Free Trade Area (CAFTA), according to the Ministry of Commerce in China. 

The ministry said both sides wrapped up consultations on the remaining provisions of the upgraded protocol on Wednesday, including a key chapter on the digital economy, marking a significant step forward in regional economic integration.

Negotiations on the upgraded free trade deal were launched in 2022. 

In October 2024, China and ASEAN jointly declared the substantial conclusion of the talks during a meeting held in Vientiane, Laos.

“The upgraded agreement will inject new momentum into regional economic recovery and send a strong message in support of free trade and open cooperation,” it said in a statement. 

Citing the statement reported by China Daily, the Version 3.0 upgrade is expected to focus on deepening cooperation in emerging sectors such as the digital economy, green development, supply chain connectivity and trade facilitation.

It said China and ASEAN remain each other's largest trading partners and major investment partners as well as staunch supporters of economic globalisation and multilateralism.

“The upgraded CAFTA framework is expected to be finalised and signed in the coming months,” it added. 

-- BERNAMA