The ACFTA is ASEAN’s oldest FTA among its dialogue partners.
The upgraded ACFTA will cover digital economy, green economy, supply chain connectivity, competition, consumer protection and micro, small and medium enterprises, an official release said.
China is ASEAN’s largest trading partner and the second largest source of foreign direct investment (FDI). In 2021, the total merchandise trade between ASEAN and China reached $669 billion, registering a year-on-year increase of 29 per cent despite the lingering impact of the COVID-19 pandemic.
During the same period, FDI flows from China to ASEAN amounted to $13.6 billion, almost double the $7 billion in 2020, and equivalent to 7.8 per cent of total FDI flows to ASEAN.
ALCHEMPro News Desk (DS)
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