Ahead of next week’s 22nd China-Asean Expo, commerce ministry official says the trade partners could formally secure closer economic ties this year
China is looking to upgrade a free-trade deal with the Association of Southeast Asian Nations (Asean) this year, underscoring Beijing’s push to diversify exports and lock in closer economic ties with its largest trading partner as global supply chains shift.
“China will work closely with Asean to complete domestic approval procedures and push for the formal signing of the China-Asean Free Trade Area (Cafta) 3.0 upgrade protocol by the end of the year,” Vice-Minister of Commerce Yan Dong said on Monday.
Talks wrapped up in May, clearing the path for broader market access in agriculture, digital trade and pharmaceuticals between China and Asean’s 10 economies.
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