Nanning (27/6).- ASEAN, under the chairmanship of the Indonesia Competition Commission (KPPU), has successfully concluded the negotiation with China on the Competition and Consumer Protection Chapter of the ASEAN-China Free Trade Agreement (ACFTA).

This significant milestone was achieved during the 8^th Round of Negotiations for the ACFTA Working Group on Competition and Consumer Protection (WGCC), held in Nanning, Guangxi, China from 25 - 27 June 2024.

The newly concluded chapter is a landmark achievement for ASEAN and China, as it marks the first comprehensive negotiation on consumer protection provisions, extending beyond traditional cooperation to cover electronic transactions and other new commitments. The strengthened provisions on competition emphasise transparency and information exchange in law enforcement.

Beyond its regulatory scope, the chapter aims to promote competition and protect consumers in ASEAN and China, foster regional cooperation, and build capacity of the parties for enhanced economic efficiency and consumer welfare. The ASEAN Co-Chair, Deswin Nur, Head of the Public Relations and Cooperation Bureau of KPPU, highlighted the significance of this development.

"Through this agreement, cooperation and coordination in competition and consumer protection, particularly within the digital market and electronic commerce, will be enhanced. It is my sincere hope that other chapters can follow this settlement in order to promptly actualise this collaboration, given the expanding influence and competitive presence of Chinese enterprises, which are increasingly intensifying in the ASEAN market," said Nur.

Echoing these sentiments, China's co-chair praised the successful completion of the WGCC chapter, highlighting the Consumer Protection provisions as a standout feature of the ACFTA upgrade which underscores ASEAN's advancements in consumer protection regime since the previous upgrade.

The ACFTA3.0 Upgrade Negotiation was rolled out in November 2022 with the vision to develop a more comprehensive, modern, inclusive, and mutually beneficial agreement between the two parties. Over the past two decades, ACFTA has significantly boosted trade and investment growth between ASEAN and China, with trade values increasing by 15% in 2022, the first year of the effective implementation of the Regional Comprehensive Economic Partnership (RCEP), solidifying Southeast Asian countries China's largest trading partner.

The successful conclusion of this chapter sets a new benchmark for future negotiations and strengthens the robust partnership between ASEAN and China. It paves the way for mutual benefits and sustained economic growth by fostering a competitive business environment and enhancing consumer protection.

This achievement reflects the high-level commitment of both ASEAN and China leaders to realise the substantial upgrade of ACFTA 3.0 within this year.