ASEAN, China seal upgraded free trade deal

The Association of Southeast Asian Nations (ASEAN) and China on Tuesday signed an upgraded free trade pact that seeks to deepen regional integration in the face of increased protectionism from the US.

- Chloe Mari A.Hufana

Closer economic cooperation instead of confrontation could help overcome global uncertainties amid coercion and bullying, Chinese Premier Li Qiang told the ASEAN-China Summit meeting after the signing, in a swipe at the US.

ASEAN leaders including Philippine President Ferdinand R. Marcos, Jr. witnessed the signing of the third revision of the deal that was first inked in 2002 and took effect in 2010.

“The ACFTA (ASEAN-China Free Trade Area) 3.0 Upgrade Protocol seeks to expand ASEAN-China cooperation into new and emerging areas, including the digital and green economies, supply-chain resilience, competition and consumer protection, as well as support for micro, small, and medium enterprises (MSME),” according toa statement from Mr. Marcos office.

The free trade agreement (FTA) lowers tariffs on goods and boosts the flow of services and investment in an area that covers a combined market of more than two billion people.

Chinese trade with the 1l-member bloc reached $771 billion last year, making ASEAN its biggest trading partner, according to ASEAN data.