BEIJING, May 21 -- China and the ten ASEAN countries have fully completed negotiations on the Version 3.0 China-ASEAN Free Trade Area (CAFTA), the Ministry of Commerce said on Wednesday.

The achievement was announced during a special online meeting of economic and trade ministers from China and ASEAN on Tuesday, according to the ministry.

The CAFTA 3.0 will send a strong signal in support of free trade and open cooperation, said an official with the ministry, noting that the agreement will inject greater certainty into regional and global trade, and serve as a model for openness, inclusiveness, and win-win cooperation.

The negotiations, which began in November 2022, concluded substantially in October 2024 after nine rounds of formal talks.

The upgraded agreement introduces nine new chapters covering areas such as digital economy, green economy, and supply chain connectivity, according to the ministry.

The CAFTA 3.0 will become an inclusive, modern, comprehensive and mutually beneficial free trade agreement, as these additions will facilitate deeper regional economic integration and enhance industrial and supply chain integration between the two major developing economies under new circumstances, it added.

Moreover, the CAFTA 3.0 will provide important institutional guarantees for building a China-ASEAN mega market, while supplying lasting momentum for building the China-ASEAN community with a shared future and promoting common prosperity and development for both sides, said the ministry.

Both sides will actively advance their respective domestic signing and ratification procedures, with the goal of formally signing the CAFTA 3.0 upgrade protocol before the end of this year, it added.