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ASEAN-China agreement revised

November 26 - The Association of Southeast Asian Nations (ASEAN) and China have signed an agreement to amend and update the ASEAN-China Free Trade Agreement (ACFTA).

Malaysia's Ministry of International Trade and Industry (MITI) stated that the upgrading of the free trade agreement aims to streamline and enhance economic cooperation, in line with the changes in the trade and economic landscape between ASEAN and China.

The agreement will include amendments to the framework on trade in goods, services, investment, economic and technical cooperation.

MITI added that the ACFTA has contributed to the rapid development of trade and investment between ASEAN and China. It stressed the important of the scope and content of the ACFTA continuing to grow in line with the current regional and global landscape.

According to MITI, the protocol will strengthen and enhance the existing agreement to stimulate and facilitate trade in goods, services, investment and the enhancement on economic cooperation between ASEAN and China.

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