As 2025 approaches, the China-ASEAN Free Trade Area marks its 15th anniversary with the launch of Version 3.0—a landmark upgrade in a decade-and-a-half journey of regional integration.
In a global landscape reshaped by tariff disputes and evolving trade dynamics, this upgrade underscores the Chinese mainland and ASEAN’s shared commitment to open markets and deeper cooperation, infusing fresh momentum and clarity into regional and global economic stability.
Originally completed in 2010, CAFTA was the first free trade area between China and an external region, and ASEAN’s first with a non-member. According to China Customs, bilateral trade surged from $213 billion in 2009 to $292.78 billion in 2010—a year-on-year rise of about 37 percent. By last year, trade between the two sides reached $982.34 billion, up 7.8 percent from the previous year. For five consecutive years, ASEAN has been the largest trading partner of the Chinese mainland, while China has topped ASEAN’s partner list for 16 straight years.
Investment ties have kept pace: data from the Ministry of Commerce show that by July last year, cumulative two-way investment exceeded $400 billion. These figures reflect continuous efforts to upgrade the CAFTA mechanism and deepen institutional openness.
With Version 3.0 in place, stakeholders anticipate further gains in trade and investment, solidifying the China-ASEAN partnership as a cornerstone of regional and global economic growth.
Reference(s):
Upgrading China-ASEAN FTA: Boosting global and regional growth
cgtn.com
