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.

China has become ASEAN's third largest trading partner in 2009.

The Statement added that ASEAN welcomed the signing of ASEAN-China Investment Agreement on Aug. 15, 2009 which effectively completed the mandate of the Framework Agreement on Comprehensive Economic Cooperation.

It also said ASEAN looked forward to the signing of the three Memorandum of understanding between ASEAN and China Sunday.

"These MoUs would contribute towards the enhancement of trade, investment, tourism, cultural and people-to-people exchange, as well as cooperation in the field of intellectual property and standards, technical regulations and conformity assessment on imported and exported products between ASEAN and China to ensure peoples' benefit and safety," the Statement said.