China and the 10-member ASEAN bloc have concluded negotiations on an upgraded free-trade agreement, known as version 3.0, marking a key move to deepen Beijing's regional ties amid ongoing U.S. trade disputes. The deal, which updates a 15-year-old agreement, awaits ratification and could be signed within the year.
"China stands ready to work with ASEAN to ensure the stability of global supply chains, advance shared development, and safeguard fairness and justice," said Commerce Minister Wang Wentao.
He criticized U.S. trade policies, warning that "there are no winners in a tariff war or trade war." Despite a temporary truce with Washington, China is actively reinforcing economic partnerships, including with ASEAN and the EU.
The new deal adds nine chapters addressing digital and green economies, customs, and supply chains. Both sides also agreed to cooperate on cybersecurity, e-payments, infrastructure, and technical standards—starting with new energy vehicles and electronics.
Source: Trading Economi
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