China, ASEAN to submit upgraded trade pact to leaders in October

Reuters

China and the Association of Southeast Asian Nations (ASEAN) have agreed to present an upgraded free trade agreement to their leaders for approval in October, Chinese Foreign Minister Wang Yi announced on Saturday.

The upgraded deal, known as the 3.0 version of the free trade area, has been under negotiation since November 2022 and was finalised in May. It aims to expand cooperation in key sectors such as the digital and green economies, as well as enhance supply chain integration.

In addition, China and ASEAN have jointly adopted a five-year action plan outlining collaboration across more than 40 areas, according to a statement from China’s Ministry of Foreign Affairs, which quoted Wang’s remarks following the East Asia Summit in Kuala Lumpur on Friday.

Wang also noted that both sides have committed to completing consultations by next year on a code of conduct for the South China Sea—an effort to establish guidelines for managing tensions in the disputed maritime region, where China and several ASEAN nations have competing territorial claims.

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