By Brian Campued
President Ferdinand R. Marcos Jr. on Tuesday joined fellow leaders at the Association of Southeast Asian Nations (ASEAN) for the signing of the ASEAN-China Free Trade Area (ACFTA) 3.0 Upgrade Protocol, which is expected to open new opportunities for collaboration for the development of the region.
The signing was led by Malaysia’s Minister of Investment, Trade and Industry Tengku Zafrul Aziz and China’s Minister of Commerce Wang Wentao, and was witnessed on stage by Malaysian Prime Minister Anwar Ibrahim and Chinese Premier Li Qiang, during the 47th ASEAN Summit and Related Summits in Kuala Lumpur, Malaysia.
Considered one of ASEAN’s most important economic partnerships, the ACFTA 3.0 Upgrade included guidance on the following aspects of trade: competition and consumer protection; digital economy; green economy; supply chain connectivity; and micro, small, and medium enterprises (MSMEs).
The protocol is expected to streamline non-tariff procedures, simplify customs processes, and reduce regulatory barriers, allowing businesses to operate more efficiently across borders.
“The ACFTA 3.0 marks a major step forward in ASEAN-China economic ties, reflecting a strong, shared commitment to deeper cooperation and regional prosperity,” ASEAN said in a Facebook post.
Foreign Affairs Secretary Ma. Theresa Lazaro previously noted that the upgraded protocol empowers MSMEs to participate more fully in regional value chains, while the strengthened frameworks on fair competition and consumer protection will help ensure inclusive and sustainable growth.
“With the 3.0 Upgrade, both sides are working to make this partnership more modern, more comprehensive, and better aligned with today’s global realities,” Lazaro said in a statement delivered by Palace Press Officer Claire Castro.
The original ACFTA covered trade in goods; rules of origin; customs procedures and trade facilitation; standards and technical regulations, and conformity assessment procedures; sanitary and phytosanitary measures; trade in services; investment; and economic and technical cooperation.
Following the signing, the document was formally handed over to ASEAN Secretary-General Kao Kim Hourn.
Also present at the ceremony were the foreign and economic ministers of ASEAN member states and China.
The Philippines, through Trade Secretary Ma. Cristina Roque, signed the ACFTA 3.0 earlier in the week ahead of the ceremonial signing.
-jpv
