Asean-People`s Republic Of China Comprehensive Economic Cooperation Agreement

By September 11, 2021 No Comments

China first proposed the idea of a free trade area in November 2000. The Heads of State and Government of ASEAN and China therefore decided to examine economic integration measures in the region[1][2] The following year, they advocated in Brunei the creation of an ASEAN-China Free Trade Area. [3] In order to encourage economic cooperation between the Parties, the activities listed in Annex 4 to this Agreement shall be carried out between ASEAN Members, whose total population exceeds 650 million people. Indonesia accounts for more than 40 per cent of the region`s population and the population has been the most opposed to the agreement. [17] [13] ASEAN-China Comprehensive Economic Cooperation Framework Agreement (ASEAN-China FTA) The ASEAN-China Framework Agreement for Comprehensive Economic Cooperation, adopted on 5 The first ASEAN Free Trade Agreement with a dialogue partner was signed on 1 November 2002. The framework includes three agreements to date; Trade in goods, services and investment concluded in November 2004, January 2007 and August 2009 respectively. The Working Group on Economic Cooperation under the Framework Agreement held its first meeting in 2009, focusing on different areas of the implementation of the Free Trade Agreement. Despite lengthy negotiations conducted on a sequential basis, trade between ASEAN and China grew exponentially between 2004 and 2008; the $200 billion target was almost exceeded two years ahead of schedule. The implementation of the Early Harvest programme for goods in January 2004 also contributed to this success.

The parties agree to swiftly negotiate the establishment of a free trade agreement between ASEAN and China within ten years and to strengthen and improve economic cooperation by reducing tariffs to 7,881 product categories or 90% of imported products. [15] This reduction entered into force in China and the six original ASEAN members, Brunei, Indonesia, Malaysia, the Philippines, Singapore and Thailand. The other four countries are expected to follow in 2015. [16] Eleven heads of government signed the Framework Agreement in Phnom Penh, Cambodia, on November 4, 2002. [4]: Hassanal Bolkiah (Sultan of Brunei Darussalam), Hun Sen (Prime Minister of Cambodia), Megawati Soekarnoputri (President of Indonesia), Bounnhang Vorachith (Prime Minister of Laos), Mahathir ben Mohamad (Prime Minister of Malaysia), Than Shwe (Prime Minister of Burma), Gloria Macapagal-Arroyo (President of the Philippines), Goh Chok Tong (Prime Minister of Singapore), Thaksin Shinawatra (Prime Minister of Thailand), Phan Văn Khải (Prime Minister of Vietnam), Zhu Rongji (P) Minister of Foreign Affairs of the State Council of the People`s Republic of China). [4] [5] For parties unable to complete the corresponding product lists in Annex 1 or Annex 2, the lists may still be drawn up by mutual agreement by 1 March 2003 at the latest. . .