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The foundation of China-ASEAN Free Trade Area


2010-01-12 From:xinhua    [Large Medium small]

On 4th October, 2002, Chinese premier Zhu Rongji and leaders from 10 ASEAN countries together signed “China-ASEAN Framework Agreement on Comprehensive Economic Cooperation”, which marked the full launch of building China-ASEAN Free Trade Area.

 

“China-ASEAN Framework Agreement on Comprehensive Economic Cooperation” set the scheduling, scope, tenet and goal of building China-ASEAN Free Trade Area. Within the framework, China and ASEAN began to carry out zero tariff early harvest program mainly on agricultural products. In addition, both parties signed “China-ASEAN Framework Agreement on Trade in Goods attached to Comprehensive Economic Cooperation Agreement” and “China-ASEAN dispute settlement mechanism attached to Comprehensive Economic Cooperation Agreement”.

 

“ Agreement on Trade in Goods” includes 23 terms and 3 attachments. It says new goals on promoting goods and service trade and gradually realizing free trade. It also specifies agreements on cutting and canceling tariff. Thus it is embodiment on mutual opening market to each other.

 

“ Agreement on dispute settlement mechanism” has 18 items and regulates China and ASEAN how to cope with trade dispute. The agreement, based on WTO dispute settlement mechanism and in line with character of free trade area, made corresponding stipulation on many detail problems.

 

On January, 2007, China and ASEAN signed “Agreement on service and trade” within the free trade are. This agreement regulates China and ASEAN on opening trade market and how to cope with service and trade. It stipulates both parties rights and obligation on carrying out service and trade within the framework of China-ASEAN free trade area and includes the first goods to be cut tariff within China and ASEAN.

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