JAKARTA, May 24 (Xinhua) -- A special online meeting of Chinese and ASEAN economic and trade ministers concluded Tuesday with the announcement of the full completion of negotiations on the Version 3.0 China-ASEAN Free Trade Area (CAFTA), marking a critical step toward formally signing an upgraded protocol by the end of this year.

Amid a sluggish global economic recovery and rising protectionism, the achievement highlights the enduring strength of free trade and open cooperation, injecting much-needed certainty into regional and global trade.

Rather than merely expanding the existing framework, CAFTA 3.0 establishes a more inclusive, modern and comprehensive free trade pact that aligns with both sides' aspiration for economic transformation.

Version 3.0 features nine new aspects, covering digital economy, green economy and supply chain connectivity, and addressing core issues in global industrial restructuring and sustainable development. Building on the existing CAFTA and the Regional Comprehensive Economic Partnership (RCEP), it enhances regulatory alignment and trade facilitation, paving the way for deeper regional integration and industrial synergy.

As major developing economies, China and ASEAN have been each other's largest trading partners for years. In the first quarter of this year, bilateral trade hit 1.71 trillion yuan (about 238 billion U.S. dollars), up 7.1 percent from the previous year, accounting for 16.6 percent of China's overall trade value. Their highly complementary economies form a cornerstone of regional cooperation. CAFTA 3.0 further strengthens supply chain collaboration through harmonizing rules to support a more stable and efficient regional economic network.

The agreement also balances macro strategy with grassroots benefits. A dedicated chapter on small and medium-sized enterprises simplifies customs procedures and promotes credit data sharing, enabling smaller businesses to access trade opportunities. Enhanced competition policies and consumer protection mechanisms foster fairer environments while creating more jobs across ASEAN countries.

From tariff cuts and service trade expansion to deeper rule-based integration, CAFTA's evolution mirrors the region's deepening collaboration. This institutional innovation, rooted in the principles of consultation, cooperation and shared benefits, sets a model for cooperation among developing countries and injects new vitality into global governance.

China's push for high-quality development and ASEAN's economic transition align seamlessly with the goals of CAFTA 3.0. By bridging geographical, institutional and cultural divides, the upgrade reinforces regional stability and prosperity. Its completion sends a clear message: openness and mutual benefit remain vital to overcoming global challenges.

Both sides now aim to finalize their domestic ratification procedures and sign the protocol by year-end. A more modern, efficient and resilient China-ASEAN trade system is set to emerge, unlocking regional potential and advancing a shared future. This progress not only strengthens multilateralism but also revitalizes global free trade, underscoring that cooperation is key to collective prosperity. ■