KUALA LUMPUR: The upgraded Asean-China Free Trade Area (ACFTA) 3.0 is expected to further enhance and streamline trade activities between Asean member states and China.
Foreign Minister Datuk Seri Mohamad Hasan said the regional bloc also aims to align and harmonise investment flows with China, which continues to be Asean’s largest trading partner.
“This is a very positive development for Asean nations as it will allow us to better coordinate our trade efforts both within Asean and with China.
“There will also be other bilateral meetings taking place today, including between Australia and New Zealand,” he told reporters before the signing ceremony of the improved agreement.
He added that both parties will also look into measures to facilitate trade as well as identify the challenges faced in these areas.
The Asean-China Framework Agreement on Comprehensive Economic Cooperation was signed in November 2002 during the 6th Asean-China Summit.
It aimed to strengthen economic ties between Asean and China by establishing the Asean-China Free Trade Area within 10 years.
The agreement covered key areas such as trade in goods and services, investment, economic cooperation, and a dispute settlement mechanism.
The ACFTA was officially launched on Jan 1, 2010, creating a solid platform for deeper economic engagement.
Since then, trade and investment between Asean and China have grown significantly, supported by the Framework Agreement and the 2004 Asean-China FTA.
© New Straits Times Press (M) Bhd
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