The Version 3.0 China-ASEAN free trade agreement (FTA), finalized at the 27th China-ASEAN Summit in the Lao capital city of Vientiane on Thursday, has made substantial upgrades across nine key areas.
The upgrades cover the following areas: the digital economy; the green economy; supply chain connectivity; standards, technical regulations and conformity assessment procedures; sanitary and phytosanitary measures; customs procedures and trade facilitation; competition and consumer protection; small and medium-sized enterprises; and economic and technological cooperation.
Through the upgraded deal, both sides will enhance mutually beneficial cooperation, effectively promoting in-depth integration of regional industrial and supply chains, advancing East Asian economic integration, and injecting robust positive momentum into their free trade and open cooperation. The 3.0 version also incorporates rules for emerging fields such as the digital economy, the green economy, and supply chain connectivity, marking significant breakthroughs and establishing a new benchmark for regional trade and economic regulations.