Translation. Region: Russian Federal
Source: People’s Republic of China in Russian – People’s Republic of China in Russian –
Source: People’s Republic of China – State Council News
BEIJING, May 21 (Xinhua) — China and 10 ASEAN countries have fully concluded negotiations on the China-ASEAN Free Trade Area (CAFTA) 3.0, the Ministry of Commerce said Wednesday.
The achievement was announced on Tuesday during a special online meeting of China-ASEAN economy and trade ministers.
CAFTA 3.0 will send a strong signal in support of free trade and open cooperation, the Commerce Ministry official said, noting that it will bring greater certainty to regional and global trade and play a guiding and exemplary role for different countries in upholding the principles of openness, inclusiveness and mutually beneficial cooperation.
Negotiations on CAFTA version 3.0, which began in November 2022, were substantially concluded in October 2024 after nine rounds of formal negotiations.
Version 3.0 contains nine new chapters covering areas such as the digital economy, green economy and supply chain connectivity, according to the ministry.
CAFTA 3.0 will create an inclusive, modern, comprehensive and mutually beneficial free trade agreement. The new additions will provide the parties with the opportunity to advance regional economic integration in a broader and deeper manner and effectively facilitate the deep integration of their production and supply chains in the new environment.
Moreover, CAFTA 3.0 will provide important institutional guarantees for the construction of the China-ASEAN mega market, thereby giving a steady impetus to the building of a China-ASEAN community with a shared future and promoting the common prosperity and development of both sides, the MOC noted.
The parties will actively advance their respective internal signature and ratification procedures with a view to formally signing the CAFTA Modernization Protocol version 3.0 by the end of this year, the department added. -0-