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ASEAN, China start negotiations on upgrading bilateral FTA

The Association of South East Asian Nations (ASEAN) and China started the first round of negotiations on the upgrade of the ASEAN-China Free Trade Area (ACFTA) at a meeting of the Working Group on Standards, Technical Regulations, and Conformity Assessment Procedures (WG-STRACAP) on April 11.
ASEAN, China start negotiations on upgrading bilateral FTA ảnh 1The ASEAN and China start the first round of negotiations on the upgrade of the ASEAN-China Free Trade Area (ACFTA) on April 11. (Photo:bsn.go.id)

Jakarta (VNA) – The Association of South East Asian Nations (ASEAN) andChina started the first round of negotiations on the upgrade of the ASEAN-China Free Trade Area (ACFTA) at a meeting of the Working Group on Standards, Technical Regulations, andConformity Assessment Procedures (WG-STRACAP) on April 11.

This meeting is a follow-upto the results of the 21st AEM Forum – Ministry of Commerce (MOFCOM) Consultation onSeptember 17, 2022, which agreed to increase the implementation of the ACFTAthrough the endorsement of the Joint Feasibility Study Report toFurther Enhance the ASEAN-China Free Trade Area (ACFTA3. 0). 

The upgrade of the ACFTA will focus on sectors that benefit the interests of both parties(ASEAN and China), including the digital economy, green economy, non-tariff measures, consumer protection issues,and MSMEs, as well as the rearrangement of chapters structure of the ACFTA. 

In this meeting, AMS andChina also exchanged views and input on elements that might beaccommodated in the STRACAP ( Upgraded AFCTA Structure) chapter. Bothparties agreed to further explore the dispute settlement process in the next round ofnegotiations. Apart from that, the two parties also agreed to exploretechnical issues in Article6.5 International Standards, Guides, and Recommendations in the ACFTA STRACAP chapter.

Both ASEAN and China hopethat negotiations related to STRACAP will be advanced in the future. They are ready to coordinateintensively, in order to reach an agreement that is beneficial to both parties. 

The second round of negotiations is planned tobe held in the second quarter of 2023 in China on a hybrid basis./.

VNA
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