Chinese Premier Li Qiang hailed the upgraded China-ASEAN Free Trade Area (FTA) 3.0 as a transformative step for regional economic integration during the 28th China-ASEAN Summit in Kuala Lumpur on Tuesday. The agreement, signed ahead of the summit, aims to deepen digital economy collaboration, green development initiatives, and supply chain resilience across Asia.
"This upgrade marks a milestone in our shared journey toward prosperity," Premier Li stated, emphasizing the FTA\u2019s role in fostering "high-quality cooperation" between China and Southeast Asian nations. Malaysian Prime Minister Anwar Ibrahim joined Li in witnessing the protocol\u2019s signing, underscoring Malaysia\u2019s strategic role as this year\u2019s ASEAN chair.
Analysts predict the FTA 3.0 could accelerate cross-border e-commerce and renewable energy investments, offering fresh opportunities for businesses and investors. Since its initial launch in 2010, the China-ASEAN FTA has facilitated over $1 trillion in bilateral trade, accounting for 15% of global commerce last year.
The upgrade aligns with broader Asian economic trends, including shifting manufacturing hubs and rising demand for sustainable infrastructure. ASEAN remains China\u2019s largest trading partner, with two-way goods exchange growing 6% annually since 2020.
