RP, China hope for free trade zone
RP, China hope for free trade zone
Philippine President Gloria Arroyo and Chinese President Hu
Jintao expressed hope on Wednesday for the early establishment of
a planned free trade zone linking China and 10 Southeast Asian
countries.
Meeting on the first day of Arroyo's three-day visit to China,
Hu said he hoped to speed up negotiations with the Association of
Southeast Asian Nations and launch the free-trade pact "on time,"
state television CCTV said.
Arroyo was quoted by CCTV as saying she believed progress will
be made in negotiations, with mutual efforts by China and ASEAN
which includes the Philippines.
The planned accord would create the world's biggest free trade
zone of nearly two billion people with a combined gross domestic
product of US$2 trillion by 2010.
Talks had hit a snag with Southeast Asian countries unable to
agree which products should be included in a basket of goods to
be liberalized.
The impasse threatened to delay an agreement on the chapter
covering trade in goods -- the first in the negotiations process.
Hu and Arroyo greeted each other warmly in her first visit since
she was re-elected in May.
Calling Arroyo an "old friend of China," Hu praised her for
making "very important contributions" to the growth in relations.
He said Arroyo's selection of China for her first state visit
since re-election shows the "great importance" she and her
government attach to Sino-Philippines relations.
Arroyo invited Hu to visit the Philippines next year to
celebrate the 30th anniversary of the establishment of diplomatic
relations.
The two leaders witnessed the signing of five agreements on
visas, fisheries industry cooperation, tourism cooperation, joint
marine seismic undertakings and the North Railway project. No
details were given.
Some 120 Philippine entrepreneurs accompanied Arroyo to China.
The visit is highly focused on bilateral trade, which grew by an
average of 38 percent annually in the past five years, according
to official figures.
Last year bilateral trade reached $9.4 billion. China was the
Philippines' sixth largest trading partner, sixth largest source
of imports and eighth largest export market. -- AFP