Leaders from China and the Association of Southeast Asian Nations (ASEAN) on October 10 announced the substantial conclusion of Version 3.0 China-ASEAN Free Trade Area (FTA) upgrade negotiations and issued a joint statement, according to China's Ministry of Commerce.

The statement covers existing areas of the China-ASEAN FTA agreement as well as emerging areas that have great cooperation potential, including the digital economy, the green economy and supply chain interconnectivity, the ministry said.

It said that the conclusion of the negotiations demonstrates the unswerving commitment of both sides to protecting a rules-based trading environment, deepening economic integration and pragmatic cooperation in a complex global environment, and accelerating post-pandemic economic recovery.

Both China and ASEAN have confirmed that they will accelerate work involving legal reviews and domestic procedures to promote the signature of the 3.0 upgrade protocol in 2025, the ministry said.

The construction of the China-ASEAN Free Trade Area was completed in 2010, and Version 3.0 China-ASEAN FTA negotiations began in November 2022.