Dec. 29, 2009 (China Knowledge) - The free trade area between China and the Association of Southeast Asian Nations is scheduled to be officially launched on Jan. 1, 2010.
The FTA, the first of its kind, will allow more than 90% of China and ASEAN products to enjoy zero tariff, and the four new ASEAN members, Cambodia, Laos, Myanmar and Vietnam, will join the FTA in 2015. Meanwhile, China will grant the three non-WTO ASEAN members, Vietnam, Laos and Cambodia, the most-favored-nation status.
Covering a total population of 1.9 billion, the China-ASEAN FTA will certainly help promote the development of trade and economic ties of the region, and is expected to become a new engine to drive the growth of the world economy amid the global financial crisis.
The bilateral trade between China and ASEAN member countries has been growing rapidly in recent years, and China has become the ASEAN's third-largest trade partner in 2008, with a total trade value of US$230 billion.
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