China, ASEAN to Present Upgraded Free Trade Agreement for Leader Approval in October

China and the Association of Southeast Asian Nations (ASEAN) have finalized an upgraded version of their free trade agreement and plan to present it to their respective leaders for approval in October, China’s Foreign Minister Wang Yi confirmed on Saturday.

The updated pact, known as the “Version 3.0” Free Trade Agreement, was initiated in November 2022 and completed in May 2025. It aims to enhance cooperation in key areas such as the digital economy, green development, and supply chain integration, signaling a deeper economic alignment between China and the Southeast Asian bloc.

According to a statement from China’s Ministry of Foreign Affairs, Wang made the remarks following his participation in the East Asia Summit in Kuala Lumpur on Friday. The two sides have also agreed on a comprehensive five-year action plan outlining collaboration in over 40 sectors, ranging from trade and technology to environmental and infrastructure development.

In addition, Wang noted that China and ASEAN have committed to finalizing consultations by next year on a long-anticipated Code of Conduct for the South China Sea. This agreement would establish formal guidelines to reduce tensions and manage disputes in the strategically critical maritime region, where overlapping territorial claims have long caused friction among several ASEAN members and Beijing.