by supplychainreport
China is encouraging the Association of Southeast Asian Nations (ASEAN) to formally sign an upgraded version of their free trade agreement by the end of the year, Vice Commerce Minister Yan Dong said Monday, highlighting opportunities to enhance regional trade and economic collaboration.
The upgraded agreement, negotiated earlier this year, is set to improve market access in sectors such as agriculture, the digital economy, and pharmaceuticals. The move is expected to further strengthen trade relations and position China as a proactive partner in regional economic growth.
“China will push for the formal signing of the protocol on upgrading the China-ASEAN free trade agreement version 3.0 by year-end,” Yan said. He emphasized that China and ASEAN remain committed to multilateral cooperation to support stable and efficient regional supply chains.
Chinese exports to ASEAN reached $57.1 billion last month, up 22.5% from a year earlier, making Southeast Asia China’s top export destination by value. Analysts note this growth reflects the strong trade potential within the region.
The China-ASEAN free trade agreement complements other regional initiatives, including the Regional Comprehensive Economic Partnership (RCEP), and offers enhanced provisions in areas such as e-commerce and phytosanitary standards.
China has also applied to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which includes leading economies like Australia, Japan, and New Zealand. Experts say participation could further integrate China into global trade networks and provide new opportunities for member economies.
#SupplyChainReport #TradeUpdate #ChinaASEAN #GlobalTrade #MarketAccess
