Talks between China and the Association of Southeast Asian Nations (ASEAN) about a free trade area went smoothly, senior officials said on Thursday.
"We are confident the framework will be ready for Chinese and ASEAN leaders to finalize at their November summit," said a senior official with the Chinese Ministry of Foreign Trade and Economic Co-operation (MOFTEC).
But the official declined to disclose details about their two-day negotiations, saying these are just working level talks and more substantial progress will be made at the China and ASEAN economic ministers' meeting in September.
The third China-ASEAN Economic Senior Official's meeting, held in Beijing on Tuesday, set up a trade negotiation committee to hold in-depth discussions on the framework of a free trade area in the region.
The trade negotiation committee hosted its first meeting in Beijing in the last two days.
The committee said in a joint statement at the end of the meeting that it will try to have the framework finalized at the China-ASEAN summit in Cambodia at the end of this year.
The framework is expected to cover a wide range of areas of co-operation in goods, services and investment.
The framework will contain guidelines, principles, scope and modalities for establishing a free trade area, including early harvest, special and differential treatment and flexibility. It will also take into account different levels of development between ASEAN countries and China.
Premier Zhu Rongji and ASEAN leaders agreed at the fifth China-ASEAN leaders' summit in November to set up a free trade area within 10 years.
Chinese and ASEAN officials said the decision by Chinese and ASEAN leaders to establish a free trade area is a "historic milestone in economic co-operation between China and ASEAN" and "demonstrates strong commitments by China-ASEAN leaders to regional integration and economic globalization as they pursue peace and stability and prosperity in the region."
A study by Chinese and ASEAN experts shows China's export to ASEAN will increase 55.1 per cent to US$10.6 billion and ASEAN's export to China will increase 48 per cent to US$13 billion after the establishment of the free trade area.
(China Daily May 18, 2002)
