China and ASEAN Sign Free Trade Zone 3.0 Upgrade Protocol; Plastics Market Shakes Today, PC Down by 400

China and ASEAN sign the Free Trade Area 3.0 Upgrade Protocol

On October 28, under the joint witness of Premier Li Qiang and Malaysian Prime Minister Anwar, along with other ASEAN leaders, Minister of Commerce Wang Wentao and Malaysian Minister of Investment, Trade and Industry Zafrul signed the Protocol to Upgrade the China-ASEAN Free Trade Area to Version 3.0 on behalf of China and ASEAN respectively, in Kuala Lumpur, Malaysia.

The signing of the protocol is a landmark achievement in implementing the important consensus reached by President Xi Jinping and ASEAN leaders at the summit commemorating the 30th anniversary of China-ASEAN dialogue relations. It is also a significant measure in implementing the resolutions of the Fourth Plenary Session of the 20th CPC Central Committee on expanding high-level opening-up and creating a new situation of win-win cooperation. The upgrade to the China-ASEAN Free Trade Area 3.0 version fully reflects the solemn commitment of both parties to jointly support multilateralism and free trade, and their firm determination to jointly build an open, inclusive, and rules-based regional integrated market, and a mutually beneficial and resilient regional production and supply chain system. This will create abundant market and industrial cooperation opportunities for enterprises from both sides and around the world, inject strong confidence and momentum into regional and even global economic growth, and serve as an important demonstration for countries to join hands in addressing international economic and trade challenges.

China and ASEAN initiated the process of establishing a Free Trade Area in 2002, with the full completion of the 1.0 version in 2010 and the upgrade to the 2.0 version in 2015. The construction of the 3.0 version officially commenced in November 2022, with full negotiations expected to be completed by May 2025. The upgrade to the China-ASEAN Free Trade Area 3.0 version encompasses nine areas, including the digital economy, green economy, supply chain connectivity, standards and technical regulations and conformity assessment procedures, sanitary and phytosanitary measures, customs procedures and trade facilitation, competition and consumer protection, micro, small, and medium enterprises, and economic and technical cooperation. After the signing of the protocol, both parties will respectively fulfill their domestic ratification procedures to facilitate its early implementation.

Section 2: Latest Plastic Prices

(The above source: Press Office of the Ministry of Commerce, Dayi Yousu)