China-ASEAN trade has expanded more than 80 times in 30 years, will start the construction of China-ASEAN Free Trade Area Version 3.0

The article highlights the upgrade of the relationship between China and ASEAN to a comprehensive strategic partnership, marking the beginning of the construction of version 3.0 of the China-ASEAN Free Trade Area. This move is in celebration of the 30th anniversary of dialogue between the two parties, reflecting the significant growth in bilateral trade, which has increased over 80 times since 1991, reaching a record $703.3 billion in the first 10 months of 2021. China has been the largest trading partner of ASEAN since 2009, and the two regions are significant sources of foreign investment for each other, with a total of around $300 billion. The anticipated upgrades to the free trade area aim to further liberalize and facilitate trade and investment. Additionally, China plans to import $150 billion worth of agricultural products from ASEAN countries over the next five years, focusing on the potential of the green and blue economies, especially in agriculture and marine infrastructure development.