The ASEAN's updated free trade agreement with China may affect non-tariff barriers
Sputnik News, Moscow, October 26th - Malaysian Minister of Investment, Trade and Industry Tengku Zafrul said during the ASEAN Summit that ASEAN will update its Free Trade Agreement (FTA) with China. The new agreement will cover areas such as the digital economy and the elimination of non-tariff barriers.
Tengku Zafrul said: "Cooperation between ASEAN and China is very important, first of all because China remains the largest trading partner of ASEAN, and has been so for many years. Notably, ASEAN has also become China's largest trading partner. That is to say, our trade is a two-way process. Therefore, it is very important to continue reviewing the Free Trade Agreement (FTA) to ensure its relevance. A 3.0 version of the agreement is currently being drafted - that is, the third revision of the agreement."
He pointed out that the new agreement will cover areas not previously considered - the digital economy, sustainable development, as well as regulatory issues, standards, and procedures.
He said: "Measures to eliminate non-tariff barriers are also under consideration. Details will be announced tomorrow. In short, these changes aim to help both sides' businesses expand cooperation."
Today, Malaysia signed a reciprocal tariff agreement with the United States, and Malaysia achieved a reduction in U.S. tariff levels from 25% to 19%.
Original article: www.toutiao.com/article/1847057338601472/
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