On Tuesday, economic and trade ministers from China and ASEAN (the Association of Southeast Asian Nations) member states announced the full completion of Version 3.0 CAFTA negotiations. This enhanced agreement includes nine new chapters covering areas such as digital economy, green economy, supply chain connectivity, among others.

The landmark move for China and ASEAN, two major developing economies, underscores the enduring value of open markets and multilateral cooperation. By unswervingly supporting free trade, it not only provides greater certainty for regional and global trade, but also serves as a model of openness, inclusiveness and win-win cooperation. Driven by the CAFTA launched in 2010, bilateral trade has seen robust growth. China has been the biggest trading partner of ASEAN for 16 consecutive years, while the 10-nation bloc has been China's biggest trading partner over the past five years. Last year, bilateral trade value rose to nearly USD 1 trillion. Fruitful economic and trade cooperation has contributed significantly to the economic growth of China and ASEAN and delivered tangible benefits to the people of these countries.

The much-anticipated upgrading of CAFTA marks a significant stride toward deepening bilateral engagement and regional economic integration, which is crucial for sustained growth of both economies. It is also a joint effort by China and ASEAN in stabilizing industrial and supply chains, and striving for shared prosperity and development. (Xinhua)