ASEAN–China Free Trade Area
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ASEAN–China Free Trade Area
| China–ASEAN Free Trade Area | |||||||||
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ASEAN–China Free Trade Area
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| Chinese name | |||||||||
| Simplified Chinese | 中国―东盟自由贸易区 | ||||||||
| Traditional Chinese | 中國─東盟自由貿易區 | ||||||||
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| Vietnamese name | |||||||||
| Quốc ngữ | Khu vực mậu dịch tự do Trung Quốc – ASEAN | ||||||||
| Indonesian name | |||||||||
| Indonesian | Kawasan Perdagangan Bebas ASEAN-Cina | ||||||||
The ASEAN–China Free Trade Area (ACFTA), also known as China–ASEAN Free Trade Area is a free trade area among the ten member states of the Association of Southeast Asian Nations (ASEAN) and the People's Republic of China. The initial framework agreement was signed on 4 November 2002 in Phnom Penh, Cambodia, with the intent on establishing a free trade area among the eleven nations by 2010.[1][2] The free trade area came into effect on 1 January 2010.[3][4] The ASEAN–China Free Trade Area is the largest free trade area in terms of population and third largest in terms of nominal GDP.[5][6]
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Signatories
ASEAN members and the People's Republic of China had a combined nominal gross domestic product of approximately US$6 trillion in 2008.[7][8] The free trade area had the third largest trade volume after the European Economic Area and the North American Free Trade Area.[6]
| Flag | Country | Capital | Area (km2) | Population (2008 unless noted) |
GDP (nominal) (bln USD, 2008, IMF) |
Currency | Official languages |
|---|---|---|---|---|---|---|---|
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Brunei Darussalam | Bandar Seri Begawan | 5,765 | 490,000 |
19.7 | dollar | Malay |
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Burma (Myanmar) | Naypyidaw | 676,578 | 50,020,000 | 26.2 | kyat | Burmese |
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Cambodia | Phnom Penh | 181,035 | 13,388,910 | 11.3 | riel | Khmer |
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Indonesia | Jakarta | 1,904,569 | 230,130,000 | 511.8 | rupiah | Indonesian |
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Laos | Vientiane | 236,800 | 6,320,000 | 5.4 | kip | Lao |
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Malaysia | Kuala Lumpur | 329,847 | 28,200,000 | 221.6 | ringgit | Malay |
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Philippines | Manila | 300,000 | 92,226,600 (2007) |
166.9 | peso | Filipino, English |
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Singapore | Singapore | 707.1 | 4,839,400 (2007) |
181.9 | dollar | Malay, Chinese, English, Tamil |
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Thailand | Bangkok | 513,115 | 63,389,730 (2003) |
273.3 | baht | Thai |
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Vietnam | Hanoi | 331,690 | 88,069,000 | 89.8 | đồng | Vietnamese |
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People's Republic of China | Beijing | 9,640,821 | 1,338,612,968 (2009) |
4,327.4 | renminbi | Chinese |
ASEAN
See also: ASEAN Free Trade Area
Members of ASEAN have a combined population of more than 580 million.
Indonesia accounts for more than 40 percent of the region's population, and its people have voiced the greatest amount of opposition to the agreement.[9][10] Several days following the implementation of the free trade area, it announced plans to renegotiate tariffs on 228 product categories. In exchange, Indonesia would accelerate implementation of the agreement on 153 categories.[11]
People's Republic of China
China first proposed the idea of a free trade area in November 2000.[12][13] It had overtaken the United States as the third largest trading partner of ASEAN, after Japan and the European Union, when the free trade area came into effect.[14] Between 2003 and 2008, trade with ASEAN grew from US$59.6 billion to US$192.5 billion.[6] China is also the world's largest exporter.
Framework agreement
The framework agreement was signed on 4 November 2002 in Phnom Penh by eleven heads of government.[1]
- Hassanal Bolkiah, Sultan of Brunei Darussalam
- Hun Sen, Prime Minister of Cambodia
- Megawati Sukarnoputri, President of Indonesia
- Bounnhang Vorachith, Prime Minister of Laos
- Mahathir bin Mohamad, Prime Minister of Malaysia
- Than Shwe, Prime Minister of Myanmar
- 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, Premier of the State Council of the People's Republic of China
Amendments
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Amendments for the framework of the free trade area mostly concerned Vietnam. These amendments were designed to assist Vietnam lower tariffs and put forth dates as guidelines.[15]
Tariffs
The free trade agreement reduced tariffs on 7,881 product categories, or 90 percent of imported goods, to zero.[16] This reduction took effect in China and the six original members of ASEAN: Brunei, Indonesia, Malaysia, the Philippines, Singapore and Thailand. The remaining four countries will follow suit in 2015.[17][18] The average tariff rate on Chinese goods sold in ASEAN countries decreased from 12.8 to 0.6 percent on 1 January 2010 pending implementation of the free trade area by the remaining ASEAN members. Meanwhile, the average tariff rate on ASEAN goods sold in China decreased from 9.8 to 0.1 percent.[10]
The six original ASEAN members also reduced tariffs on 99.11 percent of goods traded among them to zero.[19][20]
See also
- ASEAN Free Trade Area
- Chiang Mai Initiative
- Comprehensive Economic Partnership for East Asia
- Economic Cooperation Framework Agreement (between ROC and PRC)
- List of free trade agreements
- ASEAN–India Free Trade Area (AIFTA)
- Nanning-Singapore Economic Corridor
References
- ^ a b "Framework Agreement on Comprehensive Economic Co-Operation Between ASEAN and the People's Republic of China". ASEAN. 5 November 2002. http://www.aseansec.org/13196.htm. Retrieved 1 January 2010.
- ^ de Castro, Isagani (6 November 2002). "'Big brother' China woos ASEAN". Asia Times Online. http://www.atimes.com/atimes/Southeast_Asia/DK06Ae02.html. Retrieved 1 January 2010.
- ^ "China-Asean Trade Deal Begins Today". Jakarta Globe. Bloomberg. 1 January 2010. http://thejakartaglobe.com/home/china-asean-trade-deal-begins-today/350274. Retrieved 1 January 2010.
- ^ Chan, Fiona (31 December 2009). "Asean-China FTA to kick off". The Straits Times. http://www.straitstimes.com/BreakingNews/Asia/Story/STIStory_472142.html. Retrieved 1 January 2010.
- ^ Walker, Andrew (1 January 2010). "China and Asean free trade deal begins". BBC News. http://news.bbc.co.uk/2/hi/business/8436772.stm. Retrieved 1 January 2010.
- ^ a b c Gooch, Liz (31 December 2009). "Asia Free-Trade Zone Raises Hopes, and Some Fears About China". The New York Times. http://www.nytimes.com/2010/01/01/business/global/01trade.html. Retrieved 1 January 2010.
- ^ equivalent to US$11.4 trillion by PPP in 2008
- ^ Brown, Kevin (1 January 2010). "Biggest regional trade deal unveiled". Financial Times. http://www.ft.com/cms/s/0/823707e4-f6f1-11de-9fb5-00144feab49a.html. Retrieved 1 January 2010.
- ^ Ten Kate, Daniel (1 January 2010). "Free-trade agreement between China, ASEAN grouping comes into force". The China Post. Bloomberg. http://www.chinapost.com.tw/business/asia/asian-market/2010/01/01/238917/Free-trade-agreement.htm. Retrieved 1 January 2010.
- ^ a b Coates, Stephen (31 December 2009). "ASEAN-China open free trade area". Agence France-Presse. Archived from the original on 1 January 2010. http://www.webcitation.org/5mSredK9W. Retrieved 1 January 2010.
- ^ Rosendar, Yessar; Ariffahmi, Dian (4 January 2010). "Indonesia Notifies Asean of Plan To Renegotiate China FTA". Jakarta Globe. http://thejakartaglobe.com/home/indonesia-notifies-asean-of-plan-to-renegotiate-china-fta/350798. Retrieved 4 January 2010.
- ^ Richardson, Michael (27 November 2000). "Asian Leaders Cautious on Forging New Regional Partnerships". The New York Times. http://www.nytimes.com/2000/11/27/business/worldbusiness/27iht-ASEAN.2.T.html. Retrieved 3 January 2010.[dead link]
- ^ Asmoro, Andry (23 December 2009). "ASEAN-China free trade deal: Let's face the music". The Jakarta Post. http://www.thejakartapost.com/news/2009/12/23/aseanchina-free-trade-deal-let%E2%80%99s-face-music.html. Retrieved 1 January 2010.
- ^ Moore, Michael (30 December 2009). "China and South East Asia create huge free trade zone". The Daily Telegraph. http://www.telegraph.co.uk/finance/china-business/6911721/China-and-South-East-Asia-create-huge-free-trade-zone.html. Retrieved 1 January 2010.
- ^ "Protocol to Amend the Framework Agreement on Comprehensive Economic Co-Operation Between the Association of South East Asian Nations and the People's Republic of China". ASEAN. 6 October 2003. http://www.aseansec.org/15157.htm. Retrieved 2 January 2010.
- ^ "ASEAN-6 zero tariffs take effect immediately". The Jakarta Post. 2 January 2010. http://www.thejakartapost.com/news/2010/01/02/asean6-zero-tariffs-take-effect-immediately.html. Retrieved 2 January 2010.
- ^ "China-ASEAN FTA pact set to boost trade volume". China Daily. 30 December 2009. http://www.chinadaily.com.cn/china/2009-12/30/content_9244077.htm. Retrieved 1 January 2010.
- ^ Li, Qiaoyi (30 December 2009). "New Year, new ASEAN free trade bloc". Global Times. http://business.globaltimes.cn/china-economy/2009-12/495249.html. Retrieved 1 January 2010.
- ^ Dyer, Ellie; Kunmakara, May (1 January 2010). "With new year, Kingdom joins world's largest FTA". The Phnom Penh Post. http://www.phnompenhpost.com/index.php/2010010130575/Business/with-new-year-kingdom-joins-worlds-largest-fta.html. Retrieved 2 January 2010.
- ^ "Zero tariffs for ASEAN-6 starting". The China Post. 2 January 2010. http://www.chinapost.com.tw/business/asia/asian-market/2010/01/02/239077/Zero-tariffs.htm. Retrieved 2 January 2010.
External links
- Documents on the ASEAN–China Free Trade Area
- ASEAN-China Free Trade Area Business Portal
- China's official CAFTA website (Chinese)
- Xinhua News Agency's CAFTA coverage (Chinese)
- China Asean Free Trade website (Chinese)
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