Official announcements from China's Ministry of Commerce

China to Expand Free Trade Areas Network to Cover 40% of Trade by 2030, Announced on Friday

Aug 2, 2024, 06:12 AM

China's Ministry of Commerce has announced plans on Friday to significantly expand its network of high-standard free trade areas (FTAs) to cover more countries and regions. The goal is for these FTAs to account for approximately 40% of China's total foreign trade by 2030. This expansion is part of China's broader strategy to foster greater opening up and deeper reforms. The Ministry of Commerce emphasized efforts to boost free trade cooperation with Japan, South Korea, Norway, Switzerland, and Bangladesh. This initiative aligns with China's long-term strategy to encourage domestic firms to expand internationally, a policy that dates back to the 'Going Out' strategy initiated in 2000.