Free Trade Framework with China Tops ASEAN's Economic Meeting

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Last updated at: (Beijing Time) Friday, September 13, 2002

Free Trade Framework with China Tops ASEAN's Economic Meeting

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The endorsement of the framework of the planned free trade zone between China and the Association of Southeast Asian Nations (ASEAN) is the highlight of the ongoingannual ASEAN economic meeting in Brunei, Thai officials said.

To finalize the framework of the China-ASEAN free-trade plan, economic ministers of the 10-member ASEAN are due to meet their Chinese counterpart Friday in the Brunei capital of Bandar Seri Begawan during the meeting of ASEAN economic ministers there between Sept. 12 and 15, according to reports from the Thai Commerce Ministry Friday.

The free trade plan was endorsed in the China-ASEAN summit in November last year, which envisions to create the world's largest free-trade area combining the two sides' population of 1.7 billionwithin 10 years.

ASEAN comprises Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.

Thai officials said although some ASEAN members differ on when the free-trade zone will be fully implemented, a consensus is expected to be reached after the discussions this time.

Thailand and Singapore expect to see the plan takes effect in 2010 while others like Indonesia hope to see 2012 as the starting point. Meanwhile, any agreed time framework will be prolonged further for newer ASEAN members, including Cambodia, Laos, Myanmarand Vietnam.

If China and ASEAN approve the framework of the free-trade planat the meeting in Brunei, they will start implementing the "early harvest" stage of the process, which requires participating countries to accelerate reduction of tariffs on a number of goods to zero as fast as possible, probably within three years.

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