China, ASEAN sign upgraded free trade agreement

ISTANBUL

China and the Association of Southeast Asian Nations (ASEAN) signed an expanded version of a free trade agreement Tuesday as the final day of the bloc's 47th Summit and Related Summits commenced, according to a video of the ceremony posted on Malaysian Prime Minister Anwar Ibrahim's Facebook account.

The ASEAN-China Free Trade Area 3.0 (ACFTA 3.0) aims to strengthen regional economic resilience and emphasize the bloc’s shared commitment to inclusivity and sustainability, according to the Malaysian news agency Bernama.

After the signing ceremony, the 28th ASEAN-China Summit was held in the Malaysian capital Kuala Lumpur.

Anwar, in his opening remarks, commended ASEAN's centrality and "the wisdom to maintain centrality and maintain friendly relations with all countries."

"The day before, we were with President Donald Trump of the United States of America, and today, we are back with China," which reflects the bloc's centrality, he said.

"This is what we consider a steady engagement that fosters trust, that enables us to work through challenges together," he added.

The trade area marks an "important step in our economic cooperation," he said.

Chinese Premier Li Qiang said the upgraded agreement ushers in a new opportunity to expand and enhance bilateral economic and trade cooperation, according to China's state-run Xinhua news agency.

Separately, Anwar and Li held a bilateral meeting Tuesday morning, during which they discussed bilateral trade and investment cooperation, including in the automotive and high-technology sectors, Anwar said on his Facebook account.

Li also expressed Beijing's support for peace efforts regarding the Cambodia-Thailand border dispute and its commitment to help resolve the ongoing crisis in Myanmar during the meeting.

Collaboration in rare earth elements was also discussed, according to Bernama.