Beijing: China and ASEAN have officially concluded negotiations on Version 3.0 of the China-ASEAN Free Trade Area (CAFTA), according to the Ministry of Commerce in China. The ministry announced that both parties successfully wrapped up consultations on the remaining provisions of the upgraded protocol on Wednesday, which notably includes a critical chapter on the digital economy. This development marks a significant step forward in regional economic integration.

According to BERNAMA News Agency, negotiations on the upgraded free trade deal were initially launched in 2022. In October 2024, China and ASEAN jointly declared the substantial conclusion of the talks during a meeting in Vientiane, Laos. The Ministry of Commerce stated, “The upgraded agreement will inject new momentum into regional economic recovery and send a strong message in support of free trade and open cooperation.”

Citing a statement reported by China Daily, the Version 3.0 upgrade is expected to focus on deepening cooperation in emerging sectors, such as the digital economy, green development, supply chain connectivity, and trade facilitation. It was also highlighted that China and ASEAN continue to be each other’s largest trading partners and major investment partners, as well as staunch supporters of economic globalization and multilateralism.

The statement concluded by expressing that the upgraded CAFTA framework is anticipated to be finalized and signed in the coming months.