China and the Association of Southeast Asian Nations announced on Tuesday the official conclusion of negotiations on the Version 3.0 China-ASEAN Free Trade Area, according to the Ministry of Commerce.

China and ASEAN launched negotiations for the upgraded trade deal in 2022. The two sides jointly declared the substantial conclusion of the negotiations in Vientiane, the capital of Laos, in October 2024, said the statement released by the ministry on Wednesday.

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Following this development, both sides accelerated consultations on the remaining provisions of the upgraded protocol and the chapter on the digital economy.

The statement said that the upgraded version will send a strong message in support of free trade and open cooperation. China and ASEAN are each other's largest trading partners and key investment partners, as well as staunch supporters of economic globalization and multilateralism.