China-SE Asia’s FTA to open market of 1.7 bln consumers – making it the world’s largest FTA

With effect from January 1, 2010, China and Southeast Asia will embark on a free trade agreement (FTA) that will rival the EU-North American FTA in terms of value and surpass those markets in terms of population. Under the FTA, China and the 6 founding ASEAN countries -- Brunei, Indonesia, Malaysia, Philippines, Singapore and Thailand, are to eliminate barriers to investment and tariffs on 90% of products. The average tariff rate China charged on ASEAN goods would be cut to 0.1% from 9.8%. Average tariffs imposed on Chinese goods by ASEAN states will fall to 0.6% from 12.8%. Other ASEAN members, including Vietnam and Cambodia, have until 2015 to follow. This FTA that was 8 years in the making is considered as the largest in the world as it will ease up trade in billions of dollars worth goods and investments covering a market of 1.7 billion consumers. The FTA agent is expected to expand Asia's trade reach and boost intra-regional trade that has already been expanding at 20% pa. With this, China hopes to overtake Japan and EU to become ASEAN's largest trading partner.
  More News  Post Your Comment
{{comment.Name}} made a post.




There are no comments to display. Be the first one to comment!


Name Required.


Email Id Required.

Email Id Not Valid.


Mobile Required.

Email ID and Mobile Number are kept private and will not be shown publicly.

Message Required.

Click to Change image  Refresh Captcha