.contact us |.about us
News > Business News ...
Search:
    Advertisement
Sino-ASEAN summit eyes free trade
( 2002-09-27 09:22) (1)

China expects the upcoming sixth summit between leaders of China and the Association of Southeast Asian Nations (ASEAN) to achieve significant results in negotiations for a China-ASEAN free trade area, co-operation in developing the Mekong River Basin and collaboration in non-traditional security fields.

Premier Zhu Rongji is scheduled to attend this China-ASEAN summit in Phnom Penh, Cambodia, in November.

The two sides are expected to sign a framework agreement on comprehensive economic co-operation during the summit, Vice-Foreign Minister Wang Yi told China Daily in an interview.

"The agreement will not only outline areas for China-ASEAN economic co-operation but also officially initiate processes for the establishment of a China-ASEAN free trade area by prescribing guiding principles, a framework and a timetable," Wang said.

The free trade area will help create a free market encompassing 1.7 billion people, the largest market of its kind in the world.

The trade volume between China and ASEAN reached US$41.6 billion last year, making China the sixth largest trading partner of ASEAN and ASEAN the fifth largest of China. Two-way trade volume hit US$23.6 billion in the first half of this year, an 18.7 per cent increase over trade in the same period last year.

It is estimated that the establishment of a free trade area will bring a surge of nearly 50 per cent in exports from both sides.

He said China-ASEAN co-operation has entered a more comprehensive and mature new stage and has become the most vibrant area of regional co-operation.

The Chinese Premier is expected to introduce a comprehensive plan for China's participation in the development of the Mekong River Basin when he attends the first Greater Mekong Sub-region (GMS) Summit, to be held before the China-ASEAN summit.

China will grant preferential tariff treatment to three of the least developed countries of ASEAN - Laos, Cambodia and Myanmar - and support ASEAN's efforts to narrow the development gap among its members.

China will offer financial assistance in building one-third of the Laos section of the Kunming-Bangkok highway. China also remains supportive of the construction of the Pan-Asia railway (Kunming-Singapore railway).

Wang said China will offer the three non-WTO members of ASEAN - Viet Nam, Laos and Cambodia - the most favoured nation status enjoyed by WTO members, within the framework of China-ASEAN free trade area.

The vice-foreign minister said China also hopes to explore and expand fresh co-operation channels with ASEAN and gradually open up dialogue and co-operation in non-traditional security areas including counter-terrorism.

"China supports ASEAN's counter-terrorism efforts and is ready to work with ASEAN in fighting terrorism in this region," Wang said.
 
Close  
   
  Today's Top News   Top Business News
   
+China's richest village: It takes brains and guts
( 2003-08-19)
+Relief for indigent college students
( 2003-08-19)
+Leaders meet Australian PM
( 2003-08-19)
+New security official promises open mind
( 2003-08-19)
+Government to rationalize auto sector
( 2003-08-19)
+TYCO purchases Chinese power cable operation
( 2003-08-19)
+Lucky phone number auctioned for 2.33m yuan
( 2003-08-19)
+Wanbao, Hitachi in compressor venture
( 2003-08-19)
+Investor hopes drive BOC HK shares to record
( 2003-08-19)
+Oil undersupply leads to price rise
( 2003-08-19)
   

  Go to Another Section  
     
 
 
     
  Article Tools  
     
 
 
     
   
        .contact us |.about us
  Copyright By chinadaily.com.cn. All rights reserved