ASEAN and China Forge Ahead with Upgraded Free Trade Agreement
The ASEAN bloc and China have upgraded their free trade agreement, enhancing cooperation in the digital and green economies. With bilateral trade reaching $771 billion last year, the new deal signifies a commitment to multilateralism and free trade amidst trade tensions with the United States.
The ASEAN bloc, a coalition of Southeast Asian nations, alongside China, has officially signed an updated version of their free trade agreement. Announced by Beijing's Commerce Ministry, this enhanced deal now includes pivotal sections on digital technology and the green economy, aimed at bolstering cooperation in burgeoning industries.
With a staggering $771 billion in bilateral trade reported last year, ASEAN stands as China's largest trading partner. The upgrade reflects a joint commitment to multilateralism and free trade, countering the hefty import tariffs initiated by the U.S. under the Trump administration.
The upgraded agreement lays a path for improved market access in sectors like agriculture, digital economy, and pharmaceuticals. This development is seen as a strategic move amid ongoing trade tensions, enhancing ASEAN's role in the world's largest trading bloc, the Regional Comprehensive Economic Partnership.
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