"Responding to US Protectionism"... China and ASEAN Sign Expanded 'FTA 3.0' Agreement

"Many Countries Are Being Subjected to Unfairly High Tariffs"

In response to the strengthening of protectionism by the United States, China and ASEAN (the Association of Southeast Asian Nations) have signed an expanded revision of their Free Trade Agreement (FTA).

On the 28th (local time) in Kuala Lumpur, Malaysia, Wang Wentao, Minister of Commerce of China (left), and Tengku Zafrul Aziz, Minister of Investment, Trade and Industry of Malaysia, signed the expanded revision of the ASEAN-China Free Trade Agreement (FTA) 'Version 3.0'. Photo by Reuters Yonhap News

On the last day of the ASEAN Summit, October 28 (local time), in Kuala Lumpur, Malaysia, Chinese Premier Li Qiang and Malaysian Prime Minister Anwar Ibrahim, who chairs ASEAN this year, signed the ASEAN-China FTA 'Version 3.0'.

This expanded revision, the negotiations for which were concluded in May, includes newly established and revised regulations covering areas such as the digital and green economies, supply chain connectivity, support for small and medium-sized enterprises, and consumer protection, as well as updates to customs procedures.

The China-ASEAN FTA came into effect in 2010, during which time ASEAN has emerged as China's largest trading partner. According to the Associated Press, the trade volume between the two sides surged from $235.5 billion in 2010 to about $1 trillion last year.

Premier Li Qiang stated that close cooperation between ASEAN and China can help overcome global economic uncertainties, emphasizing that "pursuing confrontation instead of solidarity in the face of economic coercion and bullying brings no benefit." He particularly stressed that "unilateralism and protectionism have had a serious impact on the global economic and trade order, and the interference of external forces in the region is intensifying," adding that "many countries are being subjected to unfairly high tariffs."

Tengku Zafrul Aziz, Malaysia's Minister of Investment, Trade and Industry, said, "China has long been ASEAN's largest trading partner, so ASEAN-China cooperation is important," and added, "Now, ASEAN is just as important to China."