China to Host First Meeting on ASEAN-China Free Trade Area

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Last updated at: (Beijing Time) Friday, March 08, 2002

China to Host First Meeting on ASEAN-China Free Trade Area

China will host the first meeting between Southeast Asian and Chinese senior officials on the proposed ASEAN-China free trade area next month, a top official said Thursday.

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China will host the first meeting between Southeast Asian and Chinese senior officials on the proposed ASEAN-China free trade area next month, a top official said Thursday.

The four-day meeting will open on April 1 in Kunming, said Long Yongtu, visiting chief representative of trade negotiations for China's Ministry of Foreign Trade and Economic Cooperation.

"The meeting will be divided into two parts - one is to start negotiations on the free trade area, secondly to deliberate on specific measures to extend economic and trade cooperation among ASEAN and China," Long told reporters on the sidelines of an economic conference in Kuala Lumpur.

In November China and ASEAN (the Association of Southeast Asian Nations) agreed to create the world's most populous free trade bloc within 10 years, covering two billion consumers.

Long said earlier there had been many misconceptions about China being a threat to Southeast Asian countries as it was viewed as a major manufacturer and exporter.

However, he said "people always forget that China is also a major importer", adding that China's total imports last year stood at 250 billion dollars.

Long said the flow of foreign direct investment into China had increased since its entry into the World Trade Organisation (WTO).

"China will become a centre of sourcing components for its neighbours. Foreign direct investment in China will also benefit its neighbours, especially Southeast Asia," he said.

Long was speaking at the two-day Asia Economic Summit for senior government and business leaders aimed at rebuilding confidence in the region after the September 11 terror attacks in the US.

In his speech, Long reitireated China's commitment not to devalue its currency despite the depreciation of the Japanese yen.

"China is still very commited not to devalue its currency," he said.

Source: Agencies

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