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View all search resultsChina and ASEAN usher in FTA 3.0 era — Anchoring shared prosperity amid turbulence
CAFTA 3.0 enables enterprises and our people across China and ASEAN to benefit more from the sound growth of regional development.
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Get cracking: Workers prepare to dry traditional crackers on Jan. 22, 2024, at a micro, small and medium enterprise (MSME) center in Pekarungan village, Serang regency, Banten. (Antara/Asep Fathulrahman)
O
n Oct. 28 in Kuala Lumpur, we witnessed a significant milestone in China-ASEAN relations with the formal signing of the China-ASEAN Free Trade Area 3.0 Upgrade Protocol (CAFTA 3.0). This achievement underscores the solemn commitment of both sides to multilateralism and free trade, reflecting the shared aspirations for prosperity of our 2 billion people.
CAFTA 3.0 injects powerful impetus for regional and global economic growth against the backdrop of a volatile and turbulent international economic and trade landscape. It demonstrates the strategic resolve of China and ASEAN to build consensus, uphold open markets and tackle challenges together.
The path to CAFTA 3.0 epitomizes the strategic guidance of head-of-state diplomacy for China-ASEAN relations. At the special summit to commemorate the 30th anniversary of China-ASEAN Dialogue Relations in November 2021, Chinese President Xi Jinping proposed to begin work toward a new round of upgrade of the China-ASEAN Free Trade Area at an early date, which set the tone and direction for the historic process for China and ASEAN to build on CAFTA 3.0.
Following thorough preparation and feasibility studies, negotiations were officially launched a year later. Guided by the principles of mutual benefit and friendly consultation, both sides engaged in an intensive negotiation process comprising nine formal rounds and over 120 working group meetings. In October 2024, Premier Li Qiang and ASEAN leaders jointly announced the substantial conclusion of CAFTA 3.0 at the 27th China-ASEAN Summit, paving the way for its official signing during the 28th China-ASEAN Summit this year.
The signing of CAFTA 3.0 coincides with the successful conclusion of the fourth plenary session of the 20th Central Committee of the Communist Party of China. It stands as a groundbreaking measure to implement the session's decisions on expanding high-standard opening up and forging new prospects of win-win cooperation.
CAFTA 3.0 has not only emerged as a landmark achievement in the concluding phase of China's 14th Five-Year Plan period (2021-2025), but will also inaugurate a new phase of institutional alignment between China's upcoming 15th Five-Year Plan (2026-2030) and ASEAN’s development vision.
CAFTA 3.0 is tailored to new trends in international trade and the priorities of China-ASEAN cooperation. It is future-oriented and people-centred. Both sides commit to explore rules for emerging sectors to facilitate regional economic collaboration and form strategic synergy and deep complementarity with the Regional Comprehensive Economic Partnership (RCEP) Agreement. The characteristics of CAFTA 3.0 include broader scope, higher standards and greater inclusiveness. Together with the RCEP, it serves as dual engines for the economic integration in our region.
