🔔 Big news from Kuala Lumpur! On Tuesday, China and the Association of Southeast Asian Nations (ASEAN) signed the long-awaited Free Trade Area 3.0 Upgrade Protocol ahead of the 28th China-ASEAN Summit.
According to the Chinese Ministry of Commerce, this new deal is all about injecting fresh confidence and energy into regional and global trade. Facing tough tests to the rules-based international economic order, both sides are doubling down on multilateralism and free trade. 🚀
So, what’s new in Version 3.0? Beyond traditional trade and investment moves, the upgrade dives into:
- Digital economy innovations 💻
- Green economy and sustainability 🌱
- Modernized standards and easier customs procedures
- Stronger industrial and supply chain links 🔗
- Competition rules and consumer protection
- Support for micro, small, and medium-sized enterprises
This latest stage follows two milestones: Version1.0 launched in 2010 and Version2.0 took effect in 2019. Negotiations for 3.0 kicked off in November2022 and wrapped up in May2025—marking over two decades of deepening ties. 🤝
Trade between the Chinese mainland and ASEAN is already booming. In 2024, bilateral trade hit a record 982.3billionUSD—a 17× jump since 2002! With the new protocol awaiting speedy domestic approvals, the region is set to level up its cooperation game even more. 🌏✨
For young entrepreneurs, students, and global citizens, this upgrade means more chances to explore digital markets, green projects, and seamless supply chains across Asia. It’s a win for everyone eyeing fresh opportunities in one of the world’s most dynamic regions. 💼📚🧳
Reference(s):
cgtn.com
