Talks on ASEAN-China free trade area to start next year<\/p>\n
Agence France-Presse
\nJakarta<\/p>\n
Negotiations for a Southeast Asia-China free trade area with a
\npotential combined market of 1.7 billion people will start next
\nyear, the Association of Southeast Asian Nations (ASEAN) said
\nWednesday.<\/p>\n
ASEAN secretary general Rodolfo Severino said Southeast Asian
\nleaders will sign an agreement on comprehensive economic
\ncooperation between ASEAN and China during the grouping's summit
\nin Cambodia on Nov. 4.<\/p>\n
The agreement would lead to the creation of an ASEAN-China
\nfree trade area within 10 years and pave the way for the
\nelimination of tariff and non-tariff barriers on trade in goods,
\nASEAN said in a statement.<\/p>\n
\"With a deepened AFTA (ASEAN Free Trade Area) and the creation
\nof the ASEAN-China free trade area, companies operating in ASEAN
\nwould have 1.7 billion consumers, with a combined gross domestic
\nproduct of US$1.5 trillion to $2 trillion as their potential
\nmarket,\" Severino said in the statement.<\/p>\n
Under the AFTA, which came into force this year, six of
\nASEAN's more established members have cut tariffs on most goods
\ntraded within the region to between zero and five percent.<\/p>\n
Newer members Cambodia, Laos, Myanmar and Vietnam have until
\n2005 to follow suit.<\/p>\n
Severino said Southeast Asian economic integration was vital
\nif the region was to compete globally.<\/p>\n
\"The ASEAN market has to approach the level of integration of
\nChina's market if the ASEAN economy is to have a chance of
\ncompeting for investments and for markets in terms of efficiency,
\nproductivity and cost,\" he said.<\/p>\n
China has been getting the lion's share of foreign direct
\ninvestments into Asia at the expense of Southeast Asia as
\ninvestors take advantage of the regional giant's potential market
\nof more than one billion people.<\/p>\n
ASEAN groups Brunei, Cambodia, Indonesia, Laos, Malaysia,
\nMyanmar, the Philippines, Singapore, Thailand and Vietnam.<\/p>",
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