China-Asean Free Trade Agreements

November 22, 2015, under the joint witness of Premier Li Keqiang and the leaders of the ten ASEAN countries, the Chinese Minister of Commerce Gao Hucheng and the Ministers of the Ten ASEAN countries signed the official signing of China-ASEAN in the Kuala Lumpur, Malaysia, on behalf of the Chinese government and the ASEAN 10 government Free trade area to upgrade the negotiating documents.

Agreement between the People ‘s Republic of China and the Association of Southeast Asian Nations on Amending the Framework Agreement on Comprehensive Economic Cooperation between China and ASEAN and Partial Agreement.

Upgrade FTA agreement

The Protocol is the first upgrade agreement completed by China on the basis of the existing FTA, covering trade in goods, trade in services, investment, economic and technical cooperation, etc., which is the enrichment, perfection, complement and promotion of the original agreement, Which reflects the common aspiration and practical needs of both sides to deepen and expand economic and trade cooperation.

The signing and signing of the Protocol will provide new assistance to the economic development of both countries and accelerate the construction of a closer China-ASEAN Fate Community to promote the goal of achieving bilateral trade volume of $ 1 trillion by 2020 and will promote the ” Comprehensive Economic Partnership Agreement “and the Asia-Pacific Free Trade Area.

Good cooperation paradigm of FTA

China-ASEAN Free Trade Area is the first and largest free trade area in China. In 2002, it began to implement the “early plan”. In 2010, all the cooperation regulations were reached, and the long-term stable and healthy development of bilateral economic and trade relations was promoted. , A developing country to become mutually beneficial, win-win cooperation and good cooperation paradigm.

FTA brings high-speed economic growth in ASEAN

Bilateral trade in China and ASEAN increased from US $ 54.8 billion in 2002 to US $ 48.4 billion in 2014, nearly nine times as much as the two-way investment in the free trade zone. The two-way investment increased from US $ 3.37 billion in 2003 to 2014 Year of 12.2 billion US dollars, an increase of nearly 4 times.

At present, China is ASEAN’s largest trading partner, ASEAN is China’s third largest trading partner, the two sides have accumulated more than 150 billion US dollars of mutual investment.

Start FTA upgrade negotiations

In order to further improve the level of trade and investment liberalization and facilitation in the region, Premier Li Keqiang initiated the China-ASEAN Free Trade Area promotion negotiations at the China-ASEAN Leaders’ Meeting in October 2013.

In August 2014, the China-ASEAN Economic and Trade Ministers’ Meeting officially announced the start of the upgrade negotiations. After four rounds of negotiations, the two sides recently agreed on the “Protocol” content.

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