NANNING, Jan. 7 (Xinhua) -- China and the Association of Southeast Asian Nations (ASEAN) on Thursday held a ceremony marking the establishment of world's largest free trade area of developing countries.
"Let's take the FTA as an opportunity to lift China-ASEAN relations to a new high," Huang Mengfu, vice chairman of the National Committee of the Chinese People's Political Consultative Conference (CPPCC), said at the ceremony.
Participants attend the ceremony marking the establishment of China-ASEAN Free Trade Area (FTA), the world's largest FTA of developing countries, in Nanning, capital of southwest China's Guangxi Zhuang Autonomous Region, Jan. 7, 2010. Officially established last Friday, the FTA covers a population of 1.9 billion and accounts for about 4.5 trillion U.S. dollars in trade volume. (Xinhua/Zhou Hua) Photo Gallery>>>
Officially established last Friday, the FTA covers a population of 1.9 billion and accounts for about 4.5 trillion U.S. dollars in trade volume.
Under the FTA, the average tariff on goods from ASEAN countries to China is reduced from 9.8 percent to 0.1 percent. The six original ASEAN members, Brunei, Indonesia, Malaysia, the Philippines, Singapore and Thailand, slashed the average tariff on Chinese goods from 12.8 percent to 0.6 percent.
By 2015, the policy of a zero-tariff rate for 90 percent of Chinese goods is expected to extend to the four new ASEAN members, Cambodia, Laos, Myanmar and Vietnam.
Pinning much hope on the FTA, Huang called for China and ASEAN nations to seek stronger political trust, deeper trade cooperation, as well as closer social and cultural exchanges.
In his key-note speech, Pushpanathan Sundram, deputy secretary-general of ASEAN, said the signing of the FTA "signified a milestone in the cooperation between China and ASEAN nations."
Participants attend the ceremony marking the establishment of China-ASEAN Free Trade Area (FTA), the world's largest FTA of developing countries, in Nanning, capital of southwest China's Guangxi Zhuang Autonomous Region, Jan. 7, 2010. Officially established last Friday, the FTA covers a population of 1.9 billion and accounts for about 4.5 trillion U.S. dollars in trade volume. (Xinhua/Zhou Hua) Photo Gallery>>>
China and ASEAN launched cooperation dialogue in 1991 and signed the China-ASEAN Framework Agreement on Comprehensive Cooperation in 2002.
"It took a decade to realize the FTA. We hope it will bring great benefits in the next decade," Sundram said.
With the global economic downturn still looming, Sundram said the FTA would help lift ASEAN nations out of the recession and help integrate the East Asian economy.
Sundram said the FTA would help narrow the wealth gap between different nations and boost cross-border trade and investment.
About 300 officials, scholars and business executives from China and 10 ASEAN nations attended the ceremony.
A one-and-a-half-day forum will follow the ceremony to discuss new opportunities and challenges of the FTA.
Huang Mengfu, vice chairman of the National Committee of the Chinese People's Political Consultative Conference (CPPCC), addresses the ceremony marking the establishment of China-ASEAN Free Trade Area (FTA), the world's largest FTA of developing countries, in Nanning, capital of southwest China's Guangxi Zhuang Autonomous Region, Jan. 7, 2010. Officially established last Friday, the FTA covers a population of 1.9 billion and accounts for about 4.5 trillion U.S. dollars in trade volume.(Xinhua/Zhou Hua) Photo Gallery>>>
NANNING, Jan. 7 (Xinhua) -- China's investment in southeast Asia will rise rapidly as firms become more eager to go abroad with economic recovery, a senior commerce official said Thursday.
Both China and the Association of Southeast Asian Nations (ASEAN) should make full use of investment funds and other resources and step up infrastructure construction to meet the need of further trade cooperation, said Vice Commerce Minister Yi Xiaozhun at the ceremony marking the establishment of China-ASEAN Free Trade Area.Full story
BEIJING, Jan. 6 -- As the bell chimed for the new year, we witnessed the establishment of a giant Free Trade Area (FTA) in the eastern quarter of our shared planet.
With 1.9 billion consumers, a regional Gross Domestic Product (GDP) of about 6 trillion U.S. dollars and total trade estimated at 4.5 trillion U.S. dollars, the newly founded China-ASEAN Free Trade Area is the largest by population. According to the agreement, the average tariff rate of both sides will be reduced, with a zero tariff policy on the trade of many goods.Full story
BEIJING, Jan. 1 (Xinhua) -- Amid the chime to ring in the New Year, the start of China-ASEAN Free Trade Area came as a milestone in the annals of China-ASEAN relations, and it may well serve as a model for regional cooperation not only in Asia, but in other parts of the world.
The new free trade area has brought together developing countries in the region with a combined population of 1.9 billion, a combined gross domestic product (GDP) of up to 6 trillion U.S. dollars and total trade volume of 4.5 trillion dollars.Full story
A customer picks up bananas at a fruit market in Jakarta, capital of Indonesia, on Jan. 1, 2010. China and the Association of Southeast Asian Nations (ASEAN) on Friday kicked off the world's largest free trade area (FTA) embracing developing countries. The China-ASEAN FTA covers a population of 1.9 billion and involves about 4.5 trillion U.S. dollars of trade volume. (Xinhua/Yue Yuewei) Photo Gallery>>>
NANNING, Jan. 1 (Xinhua) -- China and the Association of Southeast Asian Nations (ASEAN) kicked off their free trade area (FTA) on Friday.
The world's largest FTA embracing developing countries covers a population of 1.9 billion and involves about 4.5 trillion U.S. dollars of trade volume. Full story
KUALA LUMPUR, Dec. 25 (Xinhua) -- The Malaysian Tourism Ministry firmly believes that the full implementation of the China-ASEAN Free Trade Agreement (FTA) will benefit friends from China and ASEAN.
Malaysian Tourism Minister Ng Yen Yen told Xinhua here recently that she bore great expectations of the future and prospects of the free trade area. Full story
KUALA LUMPUR, Dec. 24 (Xinhua) -- The establishment of China-ASEAN Free Trade Area (FTA) is expected to help the bilateral trade between the two sides grow by leaps and bounds, a leading Malaysian businessman said here recently.
The FTA will also promote the economic integration in the region to go forward rapidly, said Yong Ah Pwi, President of Malaysia-China Chamber of Commerce, in an interview with Xinhua. Full story
HUA HIN, Thailand, Oct. 24 (Xinhua) -- The ASEAN-China Free Trade Area (ACFTA) that takes effect early next year is well on track, with great potentials to produce huge benefits to both sides.
During the on-gong 15th ASEAN Summit and Related Summits, ASEAN leaders said Saturday that the effective implementation of the major milestone in FTA brings ASEAN closer to the ASEAN Economic Community where free flow of goods is one of its major objectives. Full story
HUA HIN, Thailand, Oct. 24 (Xinhua) -- The 15th Association of Southeast Asian Nations Summit issued a Chairman's Statement Saturday, saying the bloc looked forward to the realization of the ASEAN-China Free Trade Area (ACFTA) on January 1, 2010.
"The leaders were pleased to note the progress in the implementation of the ASEAN-China Trade in Goods Agreement and looked forward to the realization of the ASEAN-China Free Trade Area (ACFTA) on January 1, 2010 when ASEAN 6 and China eliminates tariffs on products in their Normal Track," said the Statement. Full story
