FX.co ★ China, ASEAN to Submit Trade Deal Upgrade in October

China and ASEAN have reached an agreement to present their enhanced Free Trade Agreement, referred to as Version 3.0, to their respective leaders for approval this October. This development, announced by Chinese Foreign Minister Wang Yi, follows negotiations that commenced in November 2022 and concluded in May. The upgraded pact now encompasses expanded components, including the digital economy, green economy, and supply chain connectivity. Furthermore, the two parties have endorsed a five-year action plan that details cooperative initiatives across more than 40 sectors, as reported by China's Foreign Ministry. Moreover, they have committed to finalizing discussions next year concerning a South China Sea code of conduct, which aims to manage disputes within the contested maritime area.