ASEAN-5: Adopted ASEAN-China Free Trade Area 3.0 Upgrade

On 10 October 2024, the ASEAN-China Free Trade Area (ACFTA) 3.0 Upgrade negotiations were concluded at the 27th ASEAN-China Summit. The upgrade, which commenced in 2022, represents the second such upgrade since the inception of the agreement in 2010. The ACFTA 3.0 Upgrade introduces comprehensive rules on data governance, covering a range of areas, including e-invoicing, digital identities, e-payments, digital trade standards, paperless trade, and digital infrastructure connectivity. It also addresses the protection of personal data in the online environment, the frameworks for electronic transactions, and the regulation of cross-border data flows. Additionally, it outlines plans for cooperation in areas such as cybersecurity, artificial intelligence, and fintech and includes measures for the support of micro, small, and medium-sized enterprises (MSMEs), the advancement of digital inclusion, and the strengthening of anti-online scam cooperation.