Manila: The Association of Southeast Asian Nations (ASEAN) and China signed on Tuesday morning the ASEAN-China Free Trade Agreement (ACFTA) 3.0 Upgrade Protocol. The signing took place on the sidelines of the 47th ASEAN Summit and Related Meetings and was witnessed by President Ferdinand R. Marcos Jr., Chinese Premier Li Qiang, and other ASEAN leaders.

According to Philippines News Agency, in an intervention speech at the ASEAN-China Summit, President Marcos expressed optimism that the ACFTA would help mitigate economic uncertainties in the region. He stated that the Philippines welcomes the signing of the agreement and hopes it will modernize trade practices and effectively address emerging economic challenges.

Malaca±ang announced that the upgrade reflects the shared commitment of ASEAN and China to deepen regional integration and promote sustainable and inclusive growth across the region. The ACFTA, first implemented in 2010, was the first trade deal inked by ASEAN with an external partner and has since created one of the largest free trade zones globally.

The original agreement covers trade in goods, rules of origin, customs procedures, trade facilitation, standards and technical regulations, sanitary and phytosanitary measures, services, investment, and economic and technical cooperation. The newly signed protocol adds guidance on competition and consumer protection, the digital and green economies, supply chain connectivity, and the participation of micro, small, and medium enterprises.

The agreement was signed by Malaysian Minister of Investment, Trade, and Industry Senator Tengku Datuk Seri Utama Zafrul Tengku Abdul Aziz and China’s Minister of Commerce, Wang Wentao. Following the signing, the document was formally handed over to ASEAN Secretary General Kao Kim Hourn.