ASEAN-China Free Trade Area to Contribute to Economic Stability

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Last updated at: (Beijing Time) Saturday, June 22, 2002

ASEAN-China Free Trade Area to Contribute to Economic Stability

The establishment of the ASEAN-China Free Trade Area will make great contribution to consolidating the economic stability in the Eastern Asia, participants said here Friday at a regional seminar on ASEAN-China Free Trade Area.

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The establishment of the ASEAN-China Free Trade Area will make great contribution to consolidating the economic stability in the Eastern Asia, participants said in Ho Chi Minh City Friday at a regional seminar on ASEAN-China Free Trade Area.

At the one-day seminar with the theme of "Advantages and Challenges of ASEAN-China Free Trade Area", participants focused their discussion on advantages, prospects, and challenges of the free trade area.

The establishment of the area is in line with the two sides' direction of continuing economic development, and conducive to promoting trade between them and raising the effectiveness of their economic cooperation, noted the participants.

The ASEAN-China Free Trade Area, a new model of economic cooperation among developing countries, is a part of the two sides' process of cooperation and integration in the world economy.

Although they have competitiveness on some products, the economies of ASEAN and China are able to complement each other andtheir cooperation will benefit the both sides, the participants noted.

The ASEAN-China Free Trade Area will be one with the biggest population of 1.7 billion and the highest value of gross domestic product (GDP) of 2 trillion U.S. dollars and trade turnover of 1.23 trillion U.S. dollars among developing countries.

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