China and ASEAN Aim for Enhanced Trade Relations with New Pact
China and ASEAN have reached an agreement to upgrade their free trade area, targeting a new pact for approval by leaders in October. The updated trade zone will focus on digital, green economies, and supply chain connectivity. Additionally, both parties aim to finalize a South China Sea conduct code by next year.
- Country:
- China
In a significant development, China and the Association of Southeast Asian Nations (ASEAN) have agreed to present an updated free trade agreement to their leaders by October for approval. The announcement was made by China's Foreign Minister, Wang Yi, on Saturday.
Commenced in November 2022 and concluded in May, the negotiations for the so-called 3.0 version of the free trade zone aim to address critical areas, including the digital economy, green economy, and supply chain connectivity.
Furthermore, in a statement from the Ministry of Foreign Affairs, Wang Yi announced a five-year action plan that delineates cooperation between China and ASEAN across more than 40 fields. Both sides also strive to finalize a code of conduct in the South China Sea by next year, addressing overlapping maritime claims.
(With inputs from agencies.)
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