Green and digital economies to feature in Version 3.0 of China-Asean free-trade agreement

China is set to sign up next year to an updated version of a bilateral free-trade agreement with Southeast Asian nations, consolidating its role in the region by enhancing trade, new energy cooperation and supply chain connectivity.

The new agreement, expected to be formally signed next year, covers nine new areas, including the digital economy, green economy, supply chain connectivity, and customs facilitation.

It includes the integration of digital infrastructure and electronic payment systems, as well as trade and investment cooperation in green energy, and both sides will encourage their businesses to establish mutually applicable standards.

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“We will give priority to standardisation cooperation in fields such as new energy vehicles and electronics,” China’s Ministry of Commerce said.