KUALA LUMPUR: Technological, geoeconomic and geopolitical developments will be taken into account under the newly signed Asean-China Free Trade Area 3.0 (ACFTA) Upgrade Protocol, says Datuk Seri Mohamad Hasan.
The Foreign Minister said the ACFTA 3.0 is also set to streamline trade between Asean and China.
"Trade between Asean and China is already at its best levels.
"Now, we want to enhance trade and investments here," he told reporters after attending the Asean-China Summit held on the sidelines of the 47th Asean Summit and Related Summits here on Tuesday (Oct 28).
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Mohamad had said earlier that among the areas being looked at are measures to reduce trade barriers between Asean and China.
The ACFTA 3.0 Upgrade Protocol was signed earlier in the day in a simple yet significant ceremony, marking a major step forward in strengthening regional economic cooperation and trade facilitation.
The agreement was signed by Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz, 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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Anwar had previously said that the signing marks a new chapter in the partnership, demonstrating shared commitment to fair trade, digital transformation and sustainable energy.
Tengku Zafrul had also said that Asean-China trade reached a total of US$772.2bil (RM3.24 trillion) last year and that the regional grouping is committed to strengthening ties.
He had also said China remains Asean’s largest trading partner amid an increasingly complex global environment.
