China will continue to work with the Association of Southeast Asian Nations (ASEAN) to build a more inclusive, mutually beneficial, modern, inclusive, and comprehensive Free Trade Area (FTA), an official with China's Ministry of Commerce (MOC) said in Beijing on Thursday.
Leaders from China and the ASEAN on Thursday announced the substantial conclusion of Version 3.0 China-ASEAN FTA upgrade negotiations and issued a joint statement at the 27th China-ASEAN Summit in the Lao capital city of Vientiane.
According to the ministry, the substantial conclusion of the negotiations represents a significant step forward for the FTA towards a more mutually beneficial, modern, inclusive, and comprehensive direction.
"The two sides have, for the first time, reached the highest level of provisions on digital economy, green economy, and interconnected supply chains in their respective economic and trade agreements, which will promote the digitalization and green transformation of both sides, with pioneering significance. Furthermore, a dedicated chapter on competition and consumer protection has been established for the first time, which will foster a more favorable market environment for economic and trade exchanges between the two sides," said Chen Zhiyang, deputy head of the MOC Department of International Economic and Trade Relations.
The negotiations will bring benefits to businesses and the general public on both sides, promoting trade facilitation and inclusive development, Chen added.
"The two sides have committed to jointly promoting the free flow of key products and services, enhancing the interconnected construction of infrastructure, and collaborating to address issues such as supply chain disruptions. This will help build a secure, stable, smooth, and efficient regional production and supply chain cooperation network. Through the 3.0 version of the agreement, the two sides will enhance openness, elevate the level of economic and trade cooperation, and inject new impetus into economic globalization," said Chen.