China calls for upgrading China-ASEAN Free Trade Area

Chinese Vice Premier Ding Xuexiang has called for the elevation of the China-ASEAN Free Trade Area (CAFTA) to a higher level of cooperation. Speaking at the opening of the 23rd China-ASEAN Expo and the China-ASEAN Business and Investment Summit in Nanning, Ding emphasized that the implementation of the CAFTA 3.0 Upgrade Protocol will bring new momentum to regional economic development.

Ding noted that the free trade zone has successfully stimulated regional economic integration and provided tangible benefits to the population. He advocated for increasing regional openness, improving institutional arrangements, and deepening cooperation regarding technical regulations and standards.

Furthermore, the Vice Premier urged China and ASEAN to strengthen trade and investment cooperation to face international economic challenges and maintain the stability of global industrial and supply chains. He also proposed expanding cooperation into emerging sectors, such as the digital economy, artificial intelligence, and the trade of green products and services.