Malaysia’s Ministry of International Trade and Industry said the country's participation in the ASEAN-China Free Trade Area is crucial to enhance the cooperation and efforts to make ACFTA more inclusive, updated and comprehensive.(Photo: www.businesstoday.com.my)Kuala Lumpur (VNA) - The negotiations toupgrade the ASEAN-China Free Trade Area (ACFTA) will strengthenthe existing close ties, at both bilateral and regional levels, according to Malaysia’s Ministry ofInternational Trade and Industry (MITI).
The ministry said the negotiations are expected to becompleted within two years.
Malaysia's participation in the ACFTA negotiations iscrucial to enhance the cooperation and efforts to make ACFTA more inclusive,updated and comprehensive, it said in astatement on February 18.
MITI said that the inclusion of four new sectors - thedigital economy; trade and sustainable development/green economy; competition and consumer protection; and micro, small and medium enterprises -would not only be mutually beneficial to all participating countries, but alsodemonstrate the importance of maintaining a stable, open and transparenttrading environment that would facilitate trade and investment within theregion.
Malaysia strongly supports the timely upgrade of the ACFTA,which has become an important foundation in strengthening and improving economicrelations and cooperation between ASEAN and China since its implementationin January 2010, it added./.
