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The projected free trade area involving China and the Association of Southeast Asian Nations (ASEAN) will be one of the world's largest free trade areas in terms of population, a senior Chinese official said yesterday.
"And from the perspective of economic scale, it will be the largest regional trade block composed of developing countries," said Zhou Keren, vice-minister of foreign trade and economic co-operation, at the PRC-Day Seminar at the 35th Asian Development Bank Annual Meeting.
In November 2001, Chinese Premier Zhu Rongji and ASEAN leaders came to a common decision to set up a China-ASEAN Free Trade Area over the coming 10 years.
"This is a strategic decision of pivotal historic significance. At present both sides are making positive preparations for negotiations on the free trade area, which will begin very soon," Zhou added.
The study and analysis by the China-ASEAN Expert Task Force revealed that once the area is established, China's exports to ASEAN countries will rise by 55 per cent and ASEAN's exports to China will surge by 48 per cent.
The free trade area will be an economic zone with 1.7 billion consumers, generating nearly US$2 trillion worth of Gross Domestic Products (GDP), and its total trade value will reach US$1.2 trillion, with tremendous potential for bilateral co-operation, Zhou noted.
The establishment of the China-ASEAN Free Trade Area will not only help scale up bilateral economic and trade exchanges and boost common economic development, but also enhance the existing friendly relations countries involved.
(China Daily May 10, 2002)
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