China, ASEAN announce substantial conclusion of FTA 3.0 upgrade negotiations

China and the Association of Southeast Asian Nations (ASEAN) announced on Thursday the substantial conclusion of negotiations to upgrade the China-ASEAN Free Trade Area (FTA) to Version 3.0.

The two sides agreed that the conclusion of the upgrade negotiations demonstrates the two sides' unwavering resolve to maintain a rules-based trading environment and accelerate post-pandemic economic recovery by deepening and broadening economic integration and cooperation amidst a complex global environment, leaders from China and ASEAN countries said in a joint statement on the sidelines of the 27th China-ASEAN Summit in Vientiane, Laos.

The FTA 3.0 now encompasses areas such as digital economy, green economy, supply chain connectivity, standards, technical regulations, and conformity assessment procedures, customs procedures and trade facilitation, competition and consumer protection, as well as micro, small and medium-sized enterprises (MSMEs).

The two sides confirmed that they will speed up the completion of legal reviews and domestic procedures to work towards the signing of ACFTA 3.0 Upgrade Protocol in 2025.

The building of the China-ASEAN FTA commenced in 2002 and completed in 2010, with agreements on goods trade, trade in service, and investment being signed and implemented during the period.

In 2015, the two sides signed an agreement to upgrade the FTA to its Version 2.0, which came fully into effect in 2019. With improvements in the chapters of rules of origin, customs procedures and trade facilitation, investment, economic and technical cooperation, and market access for services, the FTA has served as an institutional cornerstone of China-ASEAN economic and trade ties.

Upgrade negotiations for Version 3.0 officially kicked off in November 2022. After nine rounds of formal negotiations and over 100 working group meetings in nearly two years, China and ASEAN have agreed to comprehensively expanded mutually beneficial cooperation in emerging fields, enhance the integration of standards and regulations, and promote trade facilitation and inclusive development, building on the existing bilateral Free Trade Agreement and the Regional Comprehensive Economic Partnership (RCEP), the world's largest free trade pact that includes 10 ASEAN members, along with China and four other countries.

China, ASEAN announce substantial conclusion of FTA 3.0 upgrade negotiations

Rawalpindi, the garrison city neighboring Pakistan's capital Islamabad, is on high security alert ahead of the expected second round of U.S.-Iran talks.

Rawalpindi is not only an important transport hub for Pakistan's capital, Islamabad, but is also home to Nur Khan Air Base, where the U.S. delegation landed during the first round of U.S.-Iran talks.

More than 600 checkpoints were set up in the city, and local business activities were also reduced, local media reported.

Footage from a China Media Group (CMG) reporter showed that many shops in major commercial districts in downtown Rawalpindi were closed, and more police were visible on the streets.

U.S. President Donald Trump said in a Truth Social post on Sunday that U.S. representatives were going to Islamabad for negotiations. Sources say advance teams from the U.S., including security personnel, have arrived in Islamabad to coordinate arrangements for the expected talks.

Meanwhile, Iran's official news agency IRNA said on the same day that the country had rejected taking part in the second round of talks.

On Feb. 28, Israel and the United States launched joint attacks on Tehran and several other Iranian cities, killing Iran's then Supreme Leader Ali Khamenei, along with senior military commanders and civilians. Iran responded by launching waves of missile and drone strikes targeting Israel and U.S. bases and assets in the Middle East, and exercising tight control over the Strait of Hormuz.

A ceasefire was achieved between the warring parties on April 8, which was followed by lengthy talks between the Iranian and U.S. delegations in Pakistan's capital Islamabad on April 11 and 12.

Security strengthened in key city near Pakistan's capital ahead of expected U.S.-Iran talks