China and the Association of Southeast Asian Nations signed the China-ASEAN Free Trade Area (CAFTA) 3.0 Upgrade Protocol in Kuala Lumpur, Malaysia on Tuesday, according to information released by the Ministry of Commerce.
The upgrade of the CAFTA to Version 3.0 signals both sides’ commitment to upholding multilateralism and free trade, as well as their determination to jointly build an open, inclusive, rules-based regional integrated market and a mutually beneficial, resilient regional industrial and supply chain system, the Ministry of Commerce said in an online statement.
It will create abundant market and industrial cooperation opportunities for businesses on both sides and around the world, inject strong confidence and momentum into regional and global economic growth, and serve as an important example for countries working together to address international economic and trade challenges, the statement said.
The upgrade of the CAFTA 3.0 covers nine areas, including digital economy, supply chain connectivity, and economic and technical cooperation.
After the protocol is signed, both sides will carry out their respective domestic approval procedures to ensure the protocol enters into force and is implemented as soon as possible, the Ministry of Commerce said. - China Daily/ANN
