Hey fam! Big news at the 28th China-ASEAN Summit in Kuala Lumpur: the Chinese mainland and ASEAN just signed the Free Trade Area (FTA) 3.0 Upgrade Protocol! 🚀 Think of it like a major software update for regional trade—supercharging everything from digital wallets to green startups.
Since launching FTA 1.0 in 2010 and 2.0 in 2019, trade ties have boomed. Trade hit $982.3B in 2024, a 17× jump since 2002! Now, FTA 3.0 dives into nine hot areas:
- Digital Economy 📲: More e-commerce wins & cross-border data flows—good news for your favorite apps like Grab, Gojek & Shopee.
- Green Economy 🌱: Eco-friendly rules & low-carbon swaps to back Bali's sustainable tourism and India’s solar growth.
- Supply Chain Connectivity 🔗: Smoother logistics from Vietnamese factories to Malaysian ports.
- Customs & Trade Facilitation ✅
- Standards Harmonization 🛠️
- Competition & Consumer Protection 🔒
- Support for MSMEs 💡 (hello, local startups!)
- E-Tech & Industrial Cooperation 🏭
- Economic & Technical Partnerships 🤝
This upgrade is a win-win: it ramps up openness, drives inclusive growth, and shows both sides are all-in on multilateralism and free trade—even when global rules face headwinds. 💪 Next step? Each side will move fast on domestic approvals to get FTA 3.0 live ASAP. Stay tuned as this game-changing pact unfolds! 🌏✨
Reference(s):
cgtn.com
