On the afternoon of November 22 local time, Premier Li Keqiang and leaders of the 10 Association of Southeast Asian Nations (ASEAN) countries jointly witnessed at the Kuala Lumpur Convention Center the signing ceremony of the Protocol to Amend the Framework Agreement on Comprehensive Economic Co-operation Between the People's Republic of China and the ASEAN, an outcome document marking the full completion of negotiations on upgrading the China-ASEAN Free Trade Area (FTA). Minister of Commerce Gao Hucheng and the Ministers of Economy and Trade of the 10 ASEAN countries signed the Protocol as representatives of their governments.

China is the largest trade partner of the ASEAN, while the ASEAN is the third largest trade partner of China. The China-ASEAN FTA is the first and the largest one China has negotiated with foreign countries. Since its full completion in 2010, the China-ASEAN FTA has vigorously promoted the healthy and steady development of China-ASEAN economic and trade relations. To further elevate the level of trade and investment liberalization and facilitation in the region, Premier Li Keqiang advocated the initiation of negotiations on upgrading the China-ASEAN FTA at the 16th China-ASEAN (10+1)Summit in October of 2013. At the China-ASEAN Economic and Trade Ministers' Meeting in August, 2014, the negotiations were officially announced to be commenced. After four rounds of negotiation, both sides came to an agreement on the contents of the Protocol during this Summit.

The Protocol on upgrading the China-ASEAN FTA is the first upgrade agreement that China has concluded on the basis of the present FTA, involving trade in goods, trade in service, investment, economic and technological cooperation and other fields. It is an enrichment, improvement and supplement to the original protocol, and embodies common aspiration and practical needs of the two sides for deepening and expanding economic and trade cooperation. The conclusion and signing of the upgrade Protocol will bring about new driving force to the economic development of both sides, which is beneficial to pushing forward the construction of a closer China-ASEAN community of common destiny and realizing the goal of bilateral trade volume reaching one trillion USD by 2020, and will promote the negotiations on the Regional Comprehensive Economic Partnership (RECP) and the construction process of the Asia-Pacific FTA.