China and Southeast Asian nations have achieved significant progress in strengthening their economic partnership, with Foreign Minister Wang Yi announcing Saturday that an upgraded free trade agreement will be presented for leadership approval in October. The completed negotiations for this enhanced pact, dubbed “Version 3.0,” represent a major expansion of the existing framework to include modern economic sectors like digital commerce, green energy initiatives, and supply chain integration.
Alongside the trade agreement breakthrough, both parties have established a comprehensive five-year cooperation blueprint targeting over 40 specific areas of collaboration. The detailed action plan, revealed following Wang’s participation in the East Asia Summit in Malaysia, outlines a structured approach to deepening economic ties between China and the 10-nation ASEAN bloc in the coming years.
In a parallel development, the diplomatic partners have set an ambitious timeline to conclude negotiations on a South China Sea code of conduct by next year. This potential agreement aims to establish guidelines for managing territorial disputes in the strategically vital waterway, where China and several ASEAN members have competing maritime claims.
The dual progress on economic integration and maritime diplomacy comes as China seeks to reinforce its regional leadership role amid growing global economic uncertainties. The October leadership approval process for the upgraded trade pact will mark a key milestone in what has become one of Asia’s most important economic partnerships, covering nearly 2 billion consumers and multiple fast-growing economies.