In August 2019, the amendments to the ASEAN-China FTA came
into force, simplifying the rules for trade of goods, services, and
investments in the ASEAN-China economic zone that is home to over
1.8 billion people.
Last year, the total volume of trade between China and ASEAN countries hit a record
high of US$587.87 billion, up 14.1 percent from the previous year
– overtaking the US for the first time since 1997. For ASEAN,
2018 also marked the ninth consecutive year of China as ASEAN's
largest trading partner due in part to China's geographic
proximity as well as the multilateral trade partnership that began
in 2004.
ASEAN-China now look to strengthen this existing multilateral
trading system to unlock new business opportunities for all
countries involved. The two giant economic blocs recently ratified
the Framework Agreement on Comprehensive Economic Cooperation and
Certain Agreements thereunder between ASEAN And China ("ACFTA Upgrading Protocol").
