Green and digital economies to feature in Version 3.0 of China-Asean free-trade agreement

New deal, set to be signed next year, to include integration of digital infrastructure and electronic payment systems

Reading Time:2 minutes

Premier Li Qiang and Asean leaders at the China-Asean summit in Vientiane, Laos, on October 10. Photo: Xinhua

Published: 10:00am, 20 Oct 2024

China is set to sign up next year to an updated version of a bilateral free-trade agreement with Southeast Asian nations, consolidating its role in the region by enhancing trade, new energy cooperation and supply chain connectivity.

After a meeting on the sidelines of an Asean regional forum in Laos on October 10, China and the Association of Southeast Asian Nations announced the “substantial conclusion” of Version 3.0 of their free-trade agreement, following nearly two years of negotiations.

The new agreement, expected to be formally signed next year, covers nine new areas, including the digital economy, green economy, supply chain connectivity, and customs facilitation.

It includes the integration of digital infrastructure and electronic payment systems, as well as trade and investment cooperation in green energy, and both sides will encourage their businesses to establish mutually applicable standards.

09:23

History, money and military: why the South China Sea is so important to Beijing

“We will give priority to standardisation cooperation in fields such as new energy vehicles and electronics,” China’s Ministry of Commerce said.