KUALA LUMPUR: ASEAN member countries have jointly agreed to sign the ASEAN-China Free Trade Area (ACFTA) 3.0 upgraded agreement at the ASEAN Summit next month, said Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz.
The agreement was reached following smooth consultations between member countries and China’s Ministry of Commerce (MOFCOM) at the 57th ASEAN Economic Ministers’ (AEM) Meeting, here today.
"Our consultation went smoothly. We discussed the ASEAN-China FTA Upgrade 3.0, and all countries agreed to sign it in October during the meeting with other national leaders,” he told the media after chairing the 24th AEM-MOFCOM Consultation today.
Tengku Zafrul said that the consumer sector is among those identified, and that ASEAN should focus on increasing exports to China.
The technology sector is also important and should be given attention by providing opportunities for companies from ASEAN to become part of China’s supply chain, he said.
"We also discussed more inclusive trade in terms of legal frameworks to ensure that trade between China and ASEAN is transparent and fair.
"Moving forward, there will be many workshops and seminars on legal matters between China and ASEAN to address trade-related issues,” said Tengku Zafrul.
He emphasised that China has been ASEAN’s largest trading partner for 16 consecutive years, while ASEAN has served as China’s top trading partner for the past five years.
Tengku Zafrul noted that trade between ASEAN and China is projected to reach US$1 trillion (US$1=RM4.196) this year. - Bernama
