ASEAN-China Trade Deal Upgrade To Boost Investment, Trade — ASEAN Sec-Gen
By Nurul Hanis Izmir
KUALA LUMPUR, May 25 (Bernama) -- The upgraded ASEAN-China Free Trade Area (CAFTA) 3.0 agreement, set to be signed later this year, marks a key milestone in strengthening trade, investment and connectivity between the two economic powers, ASEAN Secretary-General Dr Kao Kim Hourn said.
He said the finalisation of CAFTA 3.0 was both timely and critical amid global economic uncertainty.
'Both ASEAN and China have been working on the upgrade for some time. Last year, both sides reached substantial outcomes, but only this year have we been able to finalise the full upgrade to version 3.0,' he told a pool media interview here today.
Kao is leading the ASEAN Secretariat delegation to the 46th ASEAN Summit, the 2nd ASEAN-Gulf Cooperation Council (GCC) Summit, and the inaugural ASEAN-GCC-China Summit.
He said the update was essential to ensure the FTA remains relevant and responsive to today's trade realities, particularly given the scale of ASEAN-China trade.
'China has been ASEAN's number one trading partner for 16 consecutive years, and likewise, ASEAN has become China's top trading partner over the past five to six years.
'That reflects the strength of our economic ties,' he said, adding that the upgraded agreement is expected to open up greater opportunities for businesses on both sides by enhancing trade facilitation, investment flows and tourism connectivity.
Kao noted that together, ASEAN and China represent a market of two billion people.
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