Recently, the relevant person in charge of the Ministry of Commerce interpreted the progress of the approval of the 3.0 version of the China-ASEAN Free Trade Area Upgrade Protocol, clarifying that the domestic approval work is accelerating, which has aroused widespread market attention. This upgrade protocol is a key measure for China and ASEAN to deepen economic and trade cooperation and will inject new momentum into regional economic integration.

It is reported that the China-ASEAN Free Trade Area 3.0 version of the upgrade negotiations started in November 2022, and it took nearly two years to achieve results. The upgrade protocol has made breakthroughs in the fields of trade in goods, trade in services, and investment: in terms of trade in goods, the two sides have further expanded market opening, added some zero-tariff products, optimized rules of origin and customs procedures, and reduced trade costs for enterprises; trade in services and investment In the field, new opening commitments in finance, telecommunications, and tourism will be added to enhance the facilitation of cross-border trade in services and create broader development space for enterprises on both sides. The Ministry of Commerce of the

pointed out that speeding up the domestic approval work is an important link in implementing the consensus of the two sides and promoting the entry into force of the protocol as soon as possible. At present, the relevant departments are working together to promote the verification of legal texts and the formulation of supporting policies to ensure the smooth landing of the protocol in China. Upon completion of the ratification, the exchange of instruments of ratification with ASEAN countries will be completed and the Protocol will eventually enter into force. The upgrade of the

is of great significance to the cooperation between China and ASEAN. On the one hand, it will help consolidate the growth of trade between the two sides. China has maintained the status of ASEAN's largest trading partner for many years. In 2024, the trade volume between the two sides will reach X trillion yuan. The upgrade protocol will release more trade potential and help the industrial chain supply chain to deeply integrate. On the other hand, it can inject new vitality into regional development. By introducing new rules such as digital economy and green economy, the two sides can explore cooperation opportunities in emerging fields, jointly deal with global issues such as climate change and digital economy governance, and enhance the overall competitiveness of the region.

for businesses and consumers, the upgrade protocol will bring direct benefits. Enterprises can enjoy more preferential tariff treatment, reduce import and export costs, and expand the ASEAN market; consumers can purchase ASEAN high-quality products at a lower cost, such as tropical fruits, specialty agricultural products, etc., and domestic high-quality products will also enter ASEAN more conveniently. Market to achieve mutual benefit and win-win results.

's Ministry of Commerce that it will take the 3.0 version upgrade as an opportunity to continue to deepen economic and trade cooperation with ASEAN and promote the construction of a closer China-ASEAN community with a shared future. In the future, on the basis of implementing the existing protocols, the two sides will continue to explore new areas and new models of cooperation to provide solid support for the high-quality development of the regional economy.
With the advancement of domestic approval, the 3.0 version of the China-ASEAN Free Trade Area Upgrade Protocol will come into effect soon, and regional economic and trade cooperation will usher in a new chapter.