China and relevant countries will begin a feasibility study very
soon for an East Asia Free Trade Area which will cover China,
Japan, the Republic of Korea and the 10 member ASEAN nations, a
senior Chinese trade official said yesterday in Beijing.
Yi Xiaozhun, assistant minister of commerce, told Xinhua that an
East Asia Free Trade Area will help its members to explore more
potential for faster economic growth and could benefit all involved
economies.
China and ASEAN began to implement two major agreements leading
to the China-ASEAN Free Trade Area. They will cut tariffs for about
7,000 products from July 1 this year.
Meanwhile, Japan and the ROK have also started making similar
trade arrangements with ASEAN.
"East Asia is the fastest economically growing region in the
world," Yi said. "Total gross domestic product (GDP) in the
economies in the region, including China, China's Hong Kong,
China's Taiwan Province, Japan, the ROK and ASEAN in 2003 reached
US$7.7 trillion, accounting for 21.2 percent of the world's
total."
Within the region, trade has surged over the past years.
Total trade volume hit US$918.02 billion in 2003, accounting for
54.5 percent of the region's total exports.
"It demonstrated that we have had a good basis for regional
economic integration," said Yi. "China, Japan, South Korea and
ASEAN have been important export markets and destinations for
outbound investment in one another."
Premier Wen
Jiabao made the proposal for an East Asia Free Trade Area in
2003 and the proposal received active responses from leaders of
Japan, the Republic of Korea and ASEAN members, Yi said.
But Yi said it will be a gradual and long-term process to
establish the proposed trade zone.
"Yet the free trade area will be established with joint efforts
from relevant countries," Yi said.
"An East Asia with healthy and rapid development will help the
prosperity and stability of the entire world."
(China Daily January 24, 2005)
