ASEAN-China Free-trade Area One Step Closer to Reality: Thai Official

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Last updated at: (Beijing Time) Wednesday, July 10, 2002

ASEAN-China Free-trade Area One Step Closer to Reality: Thai Official

The establishment of a free trade area (FTA) between the Association of Southeast Asian Nations (ASEAN) and China is one step closer to reality, according to a Thai trade official.

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The establishment of a free trade area (FTA) between the Association of Southeast Asian Nations (ASEAN) and China is one step closer to reality, according to a Thai trade official.

Commerce Ministry Deputy Permanent Secretary Kanissorn Navanugraha, was quoted by Wednesday's Business Day newspaper as saying that Thailand, which represents ASEAN in the negotiations, and China have agreed to complete the basic framework for the planned FTA by November.

Kanissorn, who heads the Thai panel, said he met in late June with top Chinese trade officials in Jakarta, Indonesia, to draft an agreement based on trade equality between the ASEAN and China.

The agreement stressed trade flexibility, given the size of China economy compared with those of ASEAN nations, he said, adding that the talks also centered on special trade privilege granted for new ASEAN members like Cambodia, Laos, Myanmar and Vietnam.

ASEAN also groups Brunei, Indonesia, Malaysia, the Philippines, Singapore and Thailand.

Last year's ASEAN-China summit agreed to establish a common FTA within 10 years.

Kanissorn said leaders of ASEAN nations are also planning to establish a larger free trade zone that will include ASEAN, China, Japan and South Korea, with a combined market of over two billion people.

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