Kuala lumpur: The China-ASEAN Free Trade Area 3.0 Upgrade Protocol was signed in a significant ceremony attended by Chinese Premier Li Qiang, Malaysian Prime Minister Anwar Ibrahim, and other ASEAN leaders. This landmark event took place in Kuala Lumpur, Malaysia, with Chinese Minister of Commerce Wang Wentao and Malaysian Minister of Investment, Trade and Industry Tengku Zafrul Aziz representing China and ASEAN respectively.
According to Agence Kampuchea Presse, the newly signed Protocol primarily covers nine key fields, extending beyond traditional areas such as customs procedures and trade facilitation to embrace emerging sectors like the digital economy, green economy, and supply chain connectivity. This move aims to foster a resilient and sustainable regional market, offering new momentum for economic growth in the post-pandemic era.
The Protocol marks a new stage in China-ASEAN relations, promoting regional economic integration by establishing advanced rules and standards. This initiative not only strengthens the economic ties between China and ASEAN but also underscores their commitment to multilateralism and free trade amidst global protectionism. The agreement promises significant benefits for both sides, enhancing market access and investment opportunities, particularly for small and medium-sized enterprises.
Furthermore, the Protocol serves as a model for Global South cooperation, contributing Asian solutions to the global economic system. It sets a new benchmark for regional economic development, providing a framework for future-oriented trade and investment rules.
The agreement is expected to greatly enhance China-Cambodia economic and trade cooperation, injecting new dynamics into the China-Cambodia Diamond Hexagon cooperation framework. It opens new avenues in the digital economy, green economy, and supply chain collaboration, facilitating Cambodia's industrial upgrading and integration into the regional production network. These developments are anticipated to strengthen the China-Cambodia community, advancing economic and trade relations towards a stage of innovative symbiosis.