China-ASEAN Free Trade New Agreement to boost the new economic integration


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March 24, 2011



The establishment of China-ASEAN Free Trade Area in November 2000 to enhances the close economic and trade relations between the two parties (China – ASEAN), and also contributes to the economic development of Asia and the world at large. Currently, China has 14 FTA partners comprising of 31 economies, among which 8 Agreements have been signed already. These market areas cover more than 1.9 billion people and an idea of the larger market, nowadays, has been initiated.Yu Jianhua , Director General of Department of International Trade and Economic Affairs, China Ministry of Commerce, stated that China has good conditions to start dialogues about EAFTA as the mutual cooperation and dependence in trade among ASEAN, China, Japan and ROK have become increasingly integrated.

China will contribute to the regional integration since more than half of the total trade of East Asia has been carried out within the region at present, he said at the seminar on trade facilitation in East Asia last Friday.

Sun Yuanjiang, Deputy Director General of Department of International Trade and Economic Affairs of China Ministry of Commerce, also mentioned China will simplify application procedures for the preferential Certificates of Origin (C/O) and the Customs clearance for companies between both regions this year.  He also stated that China decides to speed up  the bilateral negotiations on health, plant health, technical barriers and trade facilitation to promote trade liberalization and economic and technical cooperation.

Yu Jianhua estimated that the East Asia FTA would raise the overall annual gross domestic product (GDP) of ASEAN national members by 3.6 percent from 2010 to 2020, while China, Japan and Korea would see their annual GDP jump by 0.9 percent, on average, during the same period.

China-ASEAN FTA has emerged as the most likely regionalist scheme which it also becomes the process of East Asian regional integration.



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