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China-ASEAN Expo propels FTA construction

(Xinhua)
Updated: 2008-08-29 10:27

BEIJING  -- The China-ASEAN Expo has become a propeller to the China-ASEAN (the Association of Southeast Asian Nations) Free Trade Area (FTA) construction, said an official with the Expo's organizing committee on Thursday.

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Gao Hucheng, vice co-chair of the China-ASEAN Expo Organizing Committee and Chinese vice minister of Commerce, made the remarks at a press conference of the State Council's Information Office.

He said the successful four rounds of Expo have effectively transformed the FTA construction from paperwork consensus reached by state leaders to pragmatic moves of business circles, which has injected a powerful drive for the FTA's construction.

The two sides have reached an agreement to complete a China-ASEAN Free Trade Area before 2010.

The China-ASEAN FTA is the first free trade area agreement signed by China. Since the conclusion of the Framework Agreement on Comprehensive Economic Cooperation between China and ASEAN in 2002, particularly since 2004, "the FTA construction has gained year-on-year growth," Gao said.

In November 2004, both sides concluded the FTA agreement on trade in goods, which came into effect in July 2005, reducing tariff rates on 7,000 commodities. In January 2007, the FTA agreement on trade in service was also signed.

Both sides have made commitments to opening up over 60 service sectors, which are more favorable than the commitments made among World Trade Organization members, Gao noted.

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