Visitors inquire about products at the China-ASEAN Expo in Nanning, Guangxi Zhuang autonomous region, on Tuesday. [Photo/Xinhua]

The leaders of China and ASEAN member states announced the conclusion of the upgraded negotiations on "Version 3.0 China-ASEAN Free Trade Area" in Vientiane, capital of Laos, on Thursday, paving the way for the formation of one of the world's most populous and robust free trade areas, which will play a bigger role in boosting regional development amid growing global protectionism.

The conclusion of the negotiations will provide institutional safeguards for China and the Association of Southeast Asian Nations to build the super large-scale market together. The two sides have confirmed that they will expedite work on legal reviews and domestic procedures to promote the signing of the Version 3.0 China-ASEAN FTA next year, the Chinese Ministry of Commerce said on Thursday.

The China-ASEAN FTA was established in 2010, and negotiations on Version 3.0 China-ASEAN FTA started in November 2022. The upgraded FTA aims to achieve a higher level of openness, further reduce tariff and nontariff barriers, facilitate trade and deepen cooperation in multiple emerging fields. This will not only help build a super-large market but also enable China and ASEAN to lead regional economic integration based on the principles of free trade and multilateralism.

The upgraded China-ASEAN FTA will be conducive to promoting trade and investment, especially in nine major areas including the digital economy, the green economy, supply chains, standards, technical regulations and conformity assessment procedures.

If the new FTA is well implemented as planned, the annual trade volume between China and ASEAN could exceed $1 trillion in the next few years. The upgraded FTA will help consolidate the cooperative relationship between China and ASEAN, and deepen cooperation between China and the member economies of the Regional Comprehensive Economic Partnership agreement.

The conclusion of the upgraded negotiations on Version 3.0 China-ASEAN FTA should be regarded as an important achievement of China and ASEAN in promoting pragmatic cooperation to boost economic globalization.

By strengthening collaboration in areas such as the digital economy, green development, service trade, and regional industry and supply chains, China and ASEAN member states have demonstrated the importance of multilateral cooperation, and boosted global economic recovery while promoting sustainable regional development.

-21ST CENTURY BUSINESS HERALD