CAFTA 3.0 hailed as advocate of multilateralism

The move by China and member states of the Association of Southeast Asian Nations to upgrade a 15-year-old free trade agreement showcases their commitment to multilateralism, and has dealt a significant blow to rising protectionism, experts said.

On May 20, the Ministry of Commerce announced that China and ASEAN member states have completed negotiations on Version 3.0 China-ASEAN Free Trade Area, or CAFTA 3.0.

Dino Patti Djalal, former vice-minister of foreign affairs of Indonesia, called it "a huge development in terms of global economic cooperation".