China and the Association of Southeast Asian Nations (ASEAN) have signed an expanded Free Trade Area Agreement, aimed at deepening regional integration by covering new areas such as digital trade, the green economy, and others, RIA Novosti reports.
The document also focuses on the development and support of small and medium-sized enterprises, with the goal of making trade benefits more accessible, facilitating market entry for smaller players, and reducing regulatory barriers.
The agreement was signed on the sidelines of the ASEAN Summit, held from October 26 to 28 in Kuala Lumpur. This marks the third version of the long-term agreement, which was first signed in 2002 and came into effect in 2010.
The Free Trade Area encompasses a combined market of over two billion people, reducing tariffs on goods and increasing the flow of services and investments. Bilateral trade between China and ASEAN has grown from USD 235.5 billion in 2010 to nearly USD 1 trillion in 2024.
