ASEAN–China Free Trade Area (ACFTA) 3.0 Upgrade Protocol signed in Kuala Lumpur

Vietnamese Prime Minister Pham Minh Chinh, alongside leaders of other ASEAN member States and China attended the 28th ASEAN-China Summit in Kuala Lumpur (Malaysia) on October 28, according to a report from the Government News.

At the summit, leaders of ASEAN Member States and China witnessed the signing of the Free Trade Area (ACFTA) 3.0 Upgrade Protocol.

In 2024, the two-way trade between ASEAN and China stood at $772.4 billion and China's investment to ASEAN reached $19.3 billion.

The leaders to the summit affirmed their resolve to further deepen the ASEAN-China relations, emphasizing the need to promote extensive economic integration and maintain growth momentum in the Asia-Pacific region.

The leaders agreed to further promote new growth drivers such as digital transformation, innovation, science and technology, energy transition, and green economy while enhancing infrastructure, institutions, businesses, and people-to-people linkages.

The leaders reaffirmed the role and values of multilateralism in sustaining and consolidating the environment of peace, security and stability, underscoring that ASEAN and China share common interests and responsibilities in safeguarding peace and stability in the East Sea. They pledged to continue promoting dialogue and trust-building, peacefully settle disagreements and disputes on the basis of international law and the 1982 United Nations Convention on the Law of the Sea (UNCLOS 1982), fully and effectively implement the Declaration on the Conduct of Parties in the East Sea (DOC), and strive to soon conclude an efficient and substantive Code of Conduct in the East Sea (COC) in line with international law and the UNCLOS 1982.

Addressing the summit, Prime Minister Pham Minh Chinh congratulated China on 80th anniversary of victory over fascism and put forward three strategic orientations to strengthen ASEAN-China relations.

The Prime Minister suggested ASEAN and China bolster smart, inclusive and sustainable connectivity, and set up a network of innovation and research facilities and enhance high-quality workforce.

He stressed that consolidating strategic trust and maintaining peace and stability in the region is the prerequisite for sustainable and inclusive development, therefore ASEAN and China need to build the East Sea into the sea of peace, stability, cooperation and development; fully and effectively implement the DOC and soon reach the COC.