China, ASEAN Move Toward World's Biggest Free-Trade Zone

Jan. 13, 2005
China and 10 Southeast Asian countries signed historic trade pacts Nov. 29 to pave the way for the world's biggest free-trade zone by 2010, with a total population of nearly 2 billion people. Chinese Prime Minister Wen Jiabao and his counterparts from ...

China and 10 Southeast Asian countries signed historic trade pacts Nov. 29 to pave the way for the world's biggest free-trade zone by 2010, with a total population of nearly 2 billion people.

Chinese Prime Minister Wen Jiabao and his counterparts from the 10-country Association of Southeast Asian Nations (ASEAN) signed the agreements in the Laotian capital Vientiane.

"The agreements signed today show that ties between China and ASEAN have reached a new stage," said Wen. "It shows the relations have now entered into a new period of overall cooperation."

The pacts include an agreement to liberalize tariff and non-tariff barriers on traded goods and one to set up a mechanism to resolve trade disputes.

The trade pact will form the first component of a comprehensive accord planned for completion by 2010 that will include the full liberalization of the services sector.

If completed on time, the overall ASEAN-China deal will result in the creation of the world's biggest free trade zone. It also will enhance China's role as a major growth engine for ASEAN's export-led economies because of its growing appetite for raw materials, finished goods and components.

Copyright Agence France-Presse, 2004

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