China and the Association of Southeast Asian Nations (ASEAN) have reached an agreement to present a revised free trade agreement to their leaders for approval in October, according to Chinese Foreign Minister Wang Yi on Saturday.
Negotiations for the so-called “FTA 3.0” version, which began in November 2022 and concluded in May, aim to expand cooperation into areas such as the digital economy, green initiatives, and supply chain connectivity.
Additionally, China and ASEAN agreed on a five-year action plan that outlines collaboration across more than 40 sectors in the coming years. This was announced in a statement by the Ministry of Foreign Affairs, citing Wang’s remarks after attending the East Asia Summit in Kuala Lumpur on Friday.
Wang also mentioned that both sides have agreed to work towards completing consultations next year on a code of conduct for the South China Sea — a set of guidelines intended to manage regional disputes. The region has seen long-standing tensions, with China and several ASEAN members holding overlapping maritime claims.
Efforts to develop a code of conduct have been ongoing for over two decades, during which Beijing has taken control of several atolls and islets, constructing military installations on some of them.
