The negotiations to upgrade the ASEAN-China Free Trade Area (ACFTA) will strengthen the existing close ties, at both bilateral and regional levels, according to Malaysia’s Ministry of International Trade and Industry (MITI).

Malaysia’s Ministry of International Trade and Industry said the country's participation in the ASEAN-China Free Trade Area is crucial to enhance the cooperation and efforts to make ACFTA more inclusive, updated and comprehensive.(Photo: www.businesstoday.com.my)

The ministry said the negotiations are expected to be completed within two years.

Malaysia's participation in the ACFTA negotiations is crucial to enhance the cooperation and efforts to make ACFTA more inclusive, updated and comprehensive, it said in a statement on February 18.

MITI said that the inclusion of four new sectors - the digital economy; trade and sustainable development/green economy; competition and consumer protection; and micro, small and medium enterprises - would not only be mutually beneficial to all participating countries, but also demonstrate the importance of maintaining a stable, open and transparent trading environment that would facilitate trade and investment within the region.

Malaysia strongly supports the timely upgrade of the ACFTA, which has become an important foundation in strengthening and improving economic relations and cooperation between ASEAN and China since its implementation in January 2010, it added.

Source: VNA