World丨Experts praise move to elevate free trade ar...

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It was concluded after nine rounds of talks, which began in November 2022.

"CAFTA 3.0 is not just a simple extension of the existing rules, but a step toward a more inclusive, comprehensive and mutually beneficial high-standard agreement," said Li Siqi, an associate professor at the China Institute for WTO Studies at the University of International Business and Economics in Beijing.

CAFTA is the first free trade area that China has established with a foreign partner, and also the first free trade area for ASEAN.

"It introduces new chapters on the digital economy, green economy, support for small and micro enterprises, etc, addressing key issues in today's global industrial transformation," Li told China Daily.

According to China's Ministry of Commerce, Version 3.0 brings significant value on top of the existing China-ASEAN Free Trade Agreement and the Regional Comprehensive Economic Partnership. The RCEP, which came into effect in 2022, is the world's largest free trade deal, encompassing the 10 ASEAN member states, plus Australia, China, Japan, New Zealand and South Korea.

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