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Last updated at: (Beijing Time) Thursday, October 31, 2002

ASEAN-China Free Trade Area Talks to Start Next Year: Official

The Association of Southeast AsianNations (ASEAN) will start talks on free trade area with China next year after an agreement on economic cooperation between the two sides is signed during the summit in Cambodia next week, an ASEAN official has said in Jakarta.


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The Association of Southeast Asian Nations (ASEAN) will start talks on free trade area with China next year after an agreement on economic cooperation between the two sides is signed during the summit in Cambodia next week, an ASEAN official has said in Jakarta.

ASEAN Secretary-General Rodolfo Severino was quoted by Antara news agency as saying at ASEAN secretariat here Wednesday, the agreement on economic cooperation would enable transparency and liberalization in investments, paving the way for the ASEAN-China free area targeted within next 10 years.

He hoped both ASEAN members and China could reduce tariff and non-tariff trade barriers and simplify rules in customs office to boost trade among them.

Embracing 1.7 billion people, a free trade area between ASEAN and China would have a combined gross domestic product of between 1.5 and 2 trillion US dollars, making it a promising international trade area, Severino said.

ASEAN and China started to promote closer economic ties during a summit meeting in Bandar Seri Bengawan, Brunei, in November 2001.

During the summit, ASEAN and Chinese leaders endorsed a proposal for a Framework on Economic Cooperation and for establishing an ASEAN-China Free Trade Area within ten years with special and differential treatment and flexibility for the newer ASEAN members.

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


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