China Presses ASEAN to Seal Trade Pact Upgrade by Year-End

China is pressing for a China ASEAN trade pact upgrade to be finalised by year-end as Beijing seeks to counter US tariffs and diversify its export markets, Vice Commerce Minister Yan Dong said. Talks concluded in May on the version 3.0 agreement, which will expand market access in agriculture, the digital economy and pharmaceuticals. Officials said the China ASEAN trade pact upgrade supports Beijing’s efforts to position itself as a more open economy at a time when President Donald Trump’s administration has intensified trade curbs. Chinese exports to ASEAN surged 22.5% in August to USD57.1bn, making the bloc China’s largest export market and offsetting a 33.1% fall in shipments to the US. China, already part of the RCEP, has also applied to join the higher-standard CPTPP, a move seen as politically sensitive for existing members.