New Regulation on the ASEAN and China Free Trade Agreement

Important Step by ASEAN and China

The Association of Southeast Asian Nations (ASEAN) and China took a historic step on Tuesday by updating their free trade agreements.

Emphasis on Digital and Green Economy

China's Ministry of Commerce stated that the new version includes various sections related to the digital economy, green economy, and other new industries.

Large Trade Volume

With 11 member states, ASEAN emerges as China's largest trading partner. In 2022, the trade volume between the two parties was recorded at 771 billion dollars.

Competition Strategy with the USA

China aims to strengthen its relations with this region, which has a gross domestic product of 3.8 trillion dollars, while developing a strategy against the high import tariffs imposed by the USA.

Mutual Commitment

China's Ministry of Commerce stated that the updated agreement “fully reflects the serious commitment of both sides to jointly support multilateralism and free trade.”