KUALA LUMPUR: The Asean-China Free Trade Area (ACFTA) 3.0 Upgrade Protocol has been signed in a simple yet significant ceremony, marking a major step forward in strengthening regional economic cooperation and trade facilitation on Tuesday (Oct 28).
The agreement was signed by Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz, as well as the Asean Economic Ministers chair, and China's Commerce Minister Wang Wentao.
The ceremony was witnessed by Prime Minister Datuk Seri Anwar Ibrahim and Chinese Premier Li Qiang.
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The document was signed at 9.16am, after which Tengku Zafrul handed the signed protocol to Asean Secretary-General Dr Kao Kim Hourn, marking its formal adoption. The event took place just before the start of the 28th Asean–China Summit.
Anwar had previously said that the signing will mark a new chapter in the partnership, demonstrating shared commitment to fair trade, digital transformation and sustainable energy.
Tengku Zafrul had also previously said that Asean-China trade reached a total of US$772.2bil (RM3.24 trillion) last year and that the South-East Asian regional grouping is committed to strengthening ties.
He had also said China remains Asean’s largest trading partner amid an increasingly complex global environment.
The upgraded protocol — the latest enhancement since the establishment of ACFTA in 2010 — seeks to modernise and expand the existing free trade framework between Asean and China, now the region’s largest trading partner for more than a decade.
It includes new cooperation areas such as the digital economy, green development, and supply chain resilience, while also improving customs procedures and market access for goods, services and investments.
The framework also promotes collaboration on micro, small and medium enterprises (MSMEs) and sustainable development.
Negotiations for the ACFTA 3.0 Upgrade Protocol began in November 2022 and were substantially concluded in November 2023, reflecting both sides' shared commitment to ensuring the pact remains relevant amid evolving global economic challenges.
The signing marks another milestone in Asean-China relations, reinforcing their mutual goal of building a more connected, inclusive and resilient regional economy.
