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ASEAN, China agree to negotiate for upgrading ACFTA

The Association of Southeast Asian Nations (ASEAN) and China have agreed to negotiate for an upgraded ASEAN-China Free Trade Area (ACFTA) in order to ensure that the ACFTA remains dynamic and facilitates trade activities, said a joint statement of consultations between the two sides.
The Association of Southeast Asian Nations (ASEAN) and China haveagreed to negotiate for an upgraded ASEAN-China Free Trade Area (ACFTA)in order to ensure that the ACFTA remains dynamic and facilitates tradeactivities, said a joint statement of consultations between the twosides.

The consultations between ASEAN economicministers and the Chinese Minister of Commerce (AEM-MOFCOM) took placein Nay Pyi Taw, Myanmar, on August 26, within the framework of the 46thASEAN Economic Ministers’ Meeting.

The ministerssaid that the agreement on upgrading the ACFTA reflects the positiverelations between the two sides and helps deepen their economiccooperation in a mutually beneficial manner.

Theyalso urged to expedite the conclusion of the Custom Procedures and TradeFacilitation (CPTF) negotiations and to report progress made to thenext AEM-MOFCOM consultations.

China remains ASEAN’slargest trade partner, with two-way trade hitting 350.5 billion USD in2013, up 7.7 percent against the previous year and accounting for 14percent of the bloc’s total trade turnover.

Theministers reaffirmed their commitment to bringing the figure to 500billion USD by the end of 2015, said the statement.

Established in January 1, 2010, ACFTA covers a population of 1. 8billion, with total gross domestic product of 6 trillion USD and tradereaching 4.5 trillion USD. It represents the biggest FTA made up ofdeveloping countries in the world.-VNA
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