ASEAN, China Head toward Free Trade Area

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Last updated at: (Beijing Time) Saturday, September 14, 2002

ASEAN, China Head toward Free Trade Area

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The Association of Southeast Asian Nations (ASEAN) and China have reached a consensus on the establishment of a free trade area to promote regional prosperity and peace, a joint press statement announced in BANDAR SERI BEGAWAN, BRUNEI on Friday.

The joint statement was issued after the First Consultation between the ASEAN Economic Ministers and China's Minister of Foreign Trade and Economic Cooperation convened here on Friday.

The statement said the two sides are expected to sign the Framework Agreement on ASEAN-China Comprehensive Economic Cooperation at the ASEAN-China Summit slated for November 2002 in Cambodia.

Under the Framework Agreement, the ASEAN China Free Trade Area (ACFTA) will be established to cover the liberalization of trade in goods, services and investments, the statement said.

It noted that, to lay the foundations for the ACFTA, the two sides will first carry out an Early Harvest Package, which includes specific economic cooperation activities and will explorethe feasibility of an Early Harvest Program for trade in services.

The Early Harvest Package, an integral part of the ACFTA, will be started no later than January 1, 2004, and will be implemented over a period of three years, the statement added.

China's Minister of Foreign Trade and Economic Cooperation Shi Guangsheng highlighted the significance of the ACFTA.

"The establishment of ACFTA is in the fundamental interests of both sides. It will not only create for the two sides a win-win and mutually beneficial cooperation in economic development, but will also strongly promote the regional economic cooperation in East Asia and contribute to the economic development and overall invigoration of Asia," Shi mentioned.

In the spirit of reciprocity and mutual benefit, China is keen to continue its cooperation with the ASEAN in accelerating the ACFTA process with flexibility and pragmatism, he added.

According to the statistics provided by China's General Administration of Customs, the trade between China and ASEAN registered a record high in 2001 totaling 41.62 billion US dollars.

In the first half of this year, the trade between China and ASEAN surged 18.7 percent to 23.55 billion dollars compared with the same period of time last year, and ASEAN exports to China increased 16.1 percent at the same time.

Source: Xinhua News Agency

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