Update November 23, 2015

Dhaka 1-09 pm, 25-September, 2020

Asean, China sign FTA upgrade protocol

Sumel Sarker

china-asean

Asean, China sign FTA upgrade protocol

23 November 2015, Nirapad News: Asean and China signed the protocol to amend the existing FTA to an
upgraded version. The signing was witnessed by all the leaders except for Singapore.

The upgrading of the Asean-China Free Trade Agreement (ACFTA) to the 2.0 version is in line with the
changes in the trade and economic landscape between ASEAN and China.

Version 2.0 enables Asean and China to achieve two-way trade of USD 1 trillion and investment of
USD150 billion by the year 2020.

The protocol covers a wide range such as trade in goods, services, investment, economic and
technological cooperation, and is a supplement to the original agreement of the ASEAN-China Free
Trade Area (ACFTA), according to a statement by China’s Ministry of Commerce.

China vowed to improve its services in construction engineering, securities, travel agencies and
tourism operators, while the ASEAN members promised to further open their service sectors to China,
including commerce, telecommunication, construction, education, environment, finance, tourism and

transportation.

Both sides agreed to further open their services, allow each other to establish solely-owned or
joint-venture companies, and reduce regional restrictions.

The ACFTA is a free trade area between the 10 ASEAN member states and China, with its initial
framework agreement signed in 2002 and the area fully completed in 2010.

Bilateral trade volume surged nearly nine times from 54.8 billion U.S. dollars in 2002 to 480.4
billion in 2014, thanks to the preferential policies in the FTA.

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