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ASEAN, China sign free trade pact

Southeast Asian nations and China signed a landmark agreement in Phnom Penh on Nov. 4 that is aimed at creating the world's biggest free trade area, officials said.

The agreement called for the creation of a free market comprising 1.7 billion people and fueling trade worth $1.2 trillion (¥144 trillion).

The free trade area is to be completed in 2010 between China and six ASEAN nations - Brunei, Malaysia, Indonesia, the Philippines, Singapore and Thailand - and 2015 for the less developed ASEAN members Cambodia, Laos, Myanmar and Vietnam.

A statement issued after the signing ceremony says that ASEAN and China would progressively eliminate tariffs and nontariff barriers on "substantially all" trade in goods while taking similar steps to free trade in services. The two sides also agreed to establish an "open and competitive" investment regime.

Under the pact, China also accorded the most-favored nation treatment to Cambodia, Laos and Vietnam, the three ASEAN members that are not members of the World Trade Organization. Under the offer, China will reduce or eliminate tariffs imposed on exports from the three countries.

Negotiations to reduce and eliminate tariffs will start early next year and be concluded by mid-2004. For services and investment, negotiations are to start early next year and be concluded "as expeditiously as possible."

In other developments, Japan and ASEAN agreed Nov. 5 to begin negotiations next year to build an "economic partnership" over the next decade to liberalize trade and spur growth between Japan and the ASEAN nations.

Shukan ST: Nov. 15, 2002

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World News ASEAN, China sign free trade pact Southeast Asian nations and China signed a landmark agreement in Phnom Penh on Nov. 4 that is aimed at creating the world's biggest free trade area, officials said. The agreement called for the creation of a free market comprising 1.7 billion people and fueling trade worth $1.2 trillion (¥144 trillion). The free trade area is to be completed in 2010 between China and six ASEAN nations - Brunei, Malaysia, Indonesia, the Philippines, Singapore and Thailand - and 2015 for the less developed ASEAN members Cambodia, Laos, Myanmar and Vietnam. A statement issued after the signing ceremony says that ASEAN and China would progressively eliminate tariffs and nontariff barriers on "substantially all" trade in goods while taking similar steps to free trade in services. The two sides also agreed to establish an "open and competitive" investment regime. Under the pact, China also accorded the most-favored nation treatment to Cambodia, Laos and Vietnam, the three ASEAN members that are not members of the World Trade Organization. Under the offer, China will reduce or eliminate tariffs imposed on exports from the three countries. Negotiations to reduce and eliminate tariffs will start early next year and be concluded by mid-2004. For services and investment, negotiations are to start early next year and be concluded "as expeditiously as possible." In other developments, Japan and ASEAN agreed Nov. 5 to begin negotiations next year to build an "economic partnership" over the next decade to liberalize trade and spur growth between Japan and the ASEAN nations. Shukan ST: Nov. 15, 2002 (C) All rights reserved