China, ASEAN Finalize Expanded Free Trade Agreement
(MENAFN) China and the Association of Southeast Asian Nations (ASEAN) finalized an expanded free trade agreement Tuesday, coinciding with the first day of the bloc's 47th Summit and Related Summits, according to a video of the signing shared on Malaysian Prime Minister Anwar Ibrahim’s Facebook page.
The updated ASEAN-China Free Trade Area 3.0 (ACFTA 3.0) is designed to reinforce economic resilience across the region while highlighting the bloc’s shared focus on inclusivity and sustainability, reported a Malaysian news agency.
Following the signing, the 28th ASEAN-China Summit convened in Kuala Lumpur.
In his opening remarks, Anwar praised ASEAN's role, stating, "the wisdom to maintain centrality and maintain friendly relations with all countries."
He added, "The day before, we were with President Donald Trump of the United States of America, and today, we are back with China," underscoring the bloc’s central position.
Anwar further emphasized, "This is what we consider a steady engagement that fosters trust, that enables us to work through challenges together," and described the trade pact as an "important step in our economic cooperation."
Chinese Premier Li Qiang noted that the upgraded agreement opens "a new opportunity to expand and enhance bilateral economic and trade cooperation," according to a state-run news agency.
Earlier Tuesday, Anwar and Li held a bilateral meeting, during which they discussed trade and investment cooperation, including initiatives in the automotive and high-technology sectors, Anwar shared on his Facebook page.
Li also voiced Beijing's support for peace efforts in the Cambodia-Thailand border dispute and reaffirmed China's commitment to assist in resolving the ongoing crisis in Myanmar.
Discussions also covered collaboration on rare earth elements, according to Bernama.
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