China-ASEAN FTA
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A comprehensive trade pact between China and major Southeast Asian economies that comes into effect on?January 1, 2009, ?is expected to accelerate bilateral commerce and cut reliance on developed economies hit by weak import demand. Get more details from here.
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Text box: ? The CAFTA is the world's biggest free trade area (FTA). ?The CAFTA covers a zero-tariff market of more than 1.7 billion people. |
Highlights:
? Average tariff rate China charged on ASEAN goods would be cut to 0.1 percent from 9.8 percent.
? Average tariffs imposed on Chinese goods by ASEAN states will fall to 0.6 percent from 12.8 percent.
? Sectors likely to reap the most benefits from the FTA included services, construction and infrastructure, and manufacturing.
Timeline:
? In November 2001, China and the 10-member Association of South East Asia Nations (ASEAN) began negotiations to set up a free trade area.
? In November 2002, a framework agreement for the planned FTA was signed.One year later, a framework agreement for the planned FTA was signed.
? An early harvest programme covering trade in goods came into force in July 2005.
? Negotiations on a dispute settlement mechanism were finalised in 2004 for implementation in 2005.
? Negotiations on trade in services were completed and an agreement signed in January 2007, for implementation in July 2007.
? The China-ASEAN investment agreement was signed at the ASEAN Summit in Thailand in December 2008.
Latest?reports:
? China-ASEAN FTA pact set to boost trade volume
? Malaysia to attract investment from China more actively?
