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China, ASEAN Sign Upgraded Free Trade Agreement In Kuala Lumpur
(MENAFN- Kuwait News Agency (KUNA))
KUALA LUMPUR, Oct 28 (KUNA) -- China and the Association of Southeast Asian Nations (ASEAN) signed Tuesday an upgraded free trade agreement on the sidelines of the 28th ASEAN-China Summit held in Kuala Lumpur.
The ASEAN-China gathering was part of the agenda of the 47th ASEAN Summit.
In his speech at the ASEAN-China meeting, Malaysian Prime Minister Anwar Ibrahim said that the upgraded agreement constituted an important step for the association in its efforts to boost ties with China.
He commended the signing of the agreement with China, saying it reflected a firm and constructive stance on cooperation with ASEAN.
For his part, Chinese Premier Li Qiang said that the agreement represented a new opportunity to boost economic and commercial bilateral ties, calling for stronger and higher-standard free trade systems in the region.
The agreement upgrades the 2002 deal, which entered into force 2010, focusing on boosting economic cooperation and further opening regional markets.
According to Chinese customs data, China -- for the 16th consecutive year -- has remained one of ASEAN's major trade partners, with a volume of trade in the first three quarters of 2025 amounting to USD 785.3 billion, an increase of 9.6 percent year-on-year.
ASEAN statistics showed that the volume of trade with China reached USD 771 billion last year.
The signing of the upgraded trade deal came as the US and China sought to avoid further trade escalation after President Donald Trump threatened to impose 100-percent tariffs on Chinese products and introduce additional trade restrictions by November 1.
Trump's threat came after China tightened restrictions on exports of rare earth minerals. Efforts were underway to extend the customs truce until November 10.
Malaysia is hosting the 47th ASEAN Summit from October 26 to 28 with the participation of regional and world leaders.
ASEAN was established in 1967 and comprises 11 members, including the recently admitted Timor-Leste. (end)
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The ASEAN-China gathering was part of the agenda of the 47th ASEAN Summit.
In his speech at the ASEAN-China meeting, Malaysian Prime Minister Anwar Ibrahim said that the upgraded agreement constituted an important step for the association in its efforts to boost ties with China.
He commended the signing of the agreement with China, saying it reflected a firm and constructive stance on cooperation with ASEAN.
For his part, Chinese Premier Li Qiang said that the agreement represented a new opportunity to boost economic and commercial bilateral ties, calling for stronger and higher-standard free trade systems in the region.
The agreement upgrades the 2002 deal, which entered into force 2010, focusing on boosting economic cooperation and further opening regional markets.
According to Chinese customs data, China -- for the 16th consecutive year -- has remained one of ASEAN's major trade partners, with a volume of trade in the first three quarters of 2025 amounting to USD 785.3 billion, an increase of 9.6 percent year-on-year.
ASEAN statistics showed that the volume of trade with China reached USD 771 billion last year.
The signing of the upgraded trade deal came as the US and China sought to avoid further trade escalation after President Donald Trump threatened to impose 100-percent tariffs on Chinese products and introduce additional trade restrictions by November 1.
Trump's threat came after China tightened restrictions on exports of rare earth minerals. Efforts were underway to extend the customs truce until November 10.
Malaysia is hosting the 47th ASEAN Summit from October 26 to 28 with the participation of regional and world leaders.
ASEAN was established in 1967 and comprises 11 members, including the recently admitted Timor-Leste. (end)
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