BEIJING, Oct. 28 (Xinhua) -- The signing of the China-ASEAN Free Trade Area (FTA) 3.0 Upgrade Protocol demonstrates the shared commitment by China and ASEAN to multilateralism and free trade, as well as to fostering win-win cooperation for common development.

The upgrade marks the latest stage in the evolution of the China-ASEAN free trade area, which was initiated in 2002 and fully implemented as Version 1.0 in 2010, with both sides eliminating tariffs on more than 90 percent of products. It marked China's first free trade area with other countries and ASEAN's first as well. The Version 2.0 upgrade, focused on enhancing trade in services and investment, came into full effect in 2019. Negotiations for the Version 3.0 upgrade began in November 2022 and were concluded in May 2025.

The Version 3.0 upgrade expands bilateral cooperation to areas such as the green economy, the digital economy, supply chain connectivity, as well as standard and technical regulations, to make the FTA inclusive, modern, comprehensive and mutually beneficial.

These enhancements will significantly promote high-quality development of bilateral trade and economic relations, unlock new cooperation potentials, and drive regional economic integration.

Deepening trade ties has been instrumental in the region's growth. China has been ASEAN's largest trading partner for 16 consecutive years and the ASEAN has been China's top trading partner for five years in a row. In the first three quarters this year, bilateral trade reached 5.57 trillion yuan (about 786 billion U.S. dollars), up 9.6 percent year on year and accounting for 16.6 percent of China's total foreign trade. As of the end of July 2025, the cumulative two-way investment between China and ASEAN exceeded 450 billion dollars.

The China-ASEAN FTA 3.0 reflects the firm determination of both sides to jointly build an open, inclusive, rules-based regional integrated market and a mutually beneficial, resilient regional production and supply chain system. It will create abundant market and industrial cooperation opportunities for enterprises from both sides and around the world, and inject strong confidence and impetus into regional and even global economic growth.

The upgrade protocol is set to bring greater benefits to the people of participating countries, and contribute immensely to the building of a closer China-ASEAN community with a shared future. Enditem