According to Chinanews, at a press conference on economic and trade cooperation between ASEAN and China, the 20th ASEAN-China Expo (CAEXPO 2023), and the ASEAN-China Business and Investment Summit, organized by the Information Office of the State Council of China on August 25, Chinese Vice Minister of Commerce Li Fei stated that both sides are actively promoting negotiations on the ASEAN-China Free Trade Area (ACFTA) 3.0 to comprehensively promote the level of economic and trade openness.

Chinese Vice Minister of Commerce Li Fei. Photo: Scio.gov.cn

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Vice Minister Li Fei stated that, under the strategic guidance of the leaders of both sides, economic and trade cooperation between the two sides has been upgraded and achieved positive results in recent years. In terms of trade, the construction of the ACFTA has been promoted, and the positions of China and ASEAN as each other's largest trading partners have been continuously strengthened. In the investment sector, both sides are currently important sources and destinations for each other.

The ACFTA was initiated in 2000. By 2010, version 1.0 was officially launched, with over 90% of goods exported by both sides enjoying zero tariffs. In 2019, ACFTA was officially upgraded to version 2.0. In November 2022, at the ASEAN-China Summit, both sides announced the start of negotiations to upgrade ACFTA to version 3.0. Most recently, the third round of negotiations on ACFTA version 3.0 was held from June 24 to 27, 2023, in Kunming City, Yunnan Province, China.

ACFTA version 3.0 will contribute to promoting trade and economic cooperation between ASEAN and China in areas such as the digital economy, green economy, supply chains and industry, while also promoting regional economic integration.

BAO HAN

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