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China, ASEAN sign expanded free trade pact

China and ASEAN signed an upgraded Free Trade Agreement (FTA 3.0) to deepen economic cooperation and counter global protectionism. The pact expands into digital trade, sustainability, and SME support, covering a market of over 2 billion people

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Donald Trump and Xi Jinping. Pic/AFP

Donald Trump and Xi Jinping. Pic/AFP

China signed an expanded version of a free trade agreement with the Association of Southeast Asian Nations as both face increased protectionism from the United States, and Chinese Premier Li Qiang emphasised his country's close ties with the region. 'Unity is strength,' Li Qiang told an ASEAN-China summit meeting after the signing, stressing that closer cooperation could help overcome global economic uncertainties.

The signing of the ASEAN-China Free Trade Area 3.0 came on the final day of the annual ASEAN summit and related meetings and was witnessed by Li Qiang and Malaysian Prime Minister Anwar Ibrahim, who is serving as ASEAN chair this year. It's the third revision of the long-standing agreement, which was first signed in 2002 and came into force in 2010. The free trade area covers a combined market of more than 2 billion people and lowers tariffs on goods and boosting flows of services and investment.

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