China Pursues Extensive Free Trade Agreement Negotiations to Foster Economic Integration and Partnerships

China plans to accelerate negotiations and upgrades of free trade agreements (FTAs) in 2024 to enhance economic integration and establish new partnerships. These efforts aim to provide market access for Chinese businesses while offering a platform for trading partners to access China's vast market. Key negotiations include the China-Association of Southeast Asian Nations (ASEAN) Free Trade Area agreement 3.0 upgrade, FTA talks with Honduras, and upgraded FTA discussions with Peru.

China is also working on accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Digital Economy Partnership Agreement (DEPA). The country plans to engage in FTA negotiations and upgrades with the Gulf Cooperation Council, New Zealand, South Korea, and Switzerland. China has already signed 22 FTAs with 29 countries and regions, representing a significant portion of its foreign trade volume. These efforts aim to diversify trading partners and strengthen resilience amid global uncertainties.