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ASEAN, China announce launch of negotiations on new version of ACFTA

VGP – ASEAN, China have announced the launch of negotiations on a new version of the ASEAN-China Free Trade Area (ACFTA) – on of the largest FTAs in the world.

Posts Huong Giang

November 21, 2022 4:43 PM GMT+7
ASEAN, China announce launch of negotiations on new version of ACFTA - Ảnh 1.

The negotiations aim to ensure that the ACFTA would contribute to further deepening and expanding economic ties between ASEAN and China as well as fostering post-COVID recovery.

The upgrade of the trade pact sends a positive signal that both ASEAN and China pledge to make ACFTA more conducive to businesses.

The new version will cover new areas of cooperation such as digital economy, green economy, supply chain, consumer protection, medium, small and micro businesses.

ACFTA was first established in 2010 and upgraded for the first time in 2019.

China is the biggest trade partner and the second largest investor in ASEAN. Last year, the two-way trade increased by 29 percent to US$669 billion from 2020./.