China and ASEAN Finalize Upgraded Free Trade Pact
During the 35th ASEAN Summit held in Cambodia, China and the Association of Southeast Asian Nations (ASEAN) have reached a landmark agreement to upgrade their existing free trade pact. The updated pact, which includes provisions to enhance trade in services, digital economy, and sustainable development, is a significant step in deepening regional economic collaboration.
Beijing’s initiative aims to fortify its economic ties with the Southeast Asian bloc and counteract the impact of U.S. trade policies. The pact is expected to reduce trade barriers, boost investment flows, and create new opportunities for businesses operating in the region.
Analysts suggest that the agreement will contribute to a more integrated Asian supply chain, potentially reducing reliance on Western markets. The FTA is also viewed as a strategic move to counterbalance growing U.S. economic influence in the Asia-Pacific region.
With the agreement in place, China and ASEAN are anticipated to establish a more robust framework for cooperation, fostering mutual economic growth and enhancing regional stability.