Asean-China Free Trade Agreement Philippines
The framework agreement was signed by eleven heads of government on 4 November 2002 in Phnom Penh, Cambodia. : Hassanal Bolkiah (Sultan of Brunei Darussalam), Hun Sen (Prime Minister of Cambodia), Megawati Soekarnoputri (President of Indonesia), Bounnhang Vorachith (Prime Minister of Laos), Mahathir bin Mohamad (Prime Minister Minister of Malaysia), Than Sh (Prime Minister of Burma), Gloria Macapagal-Arroyo (President of the Philippines), Goh Chok Tong (Prime Minister of Singapore), Thaksin Shinawatra (Prime Minister of Thailand), Phan Ven Khi (Prime Minister of Vietnam) , Zhu Rongji (Prime Minister of the State Council of the People`s Republic of China).   In October 2008, China signed a bilateral free trade agreement with ASEAN member Singapore. Beijing has also developed many separate, smaller and more specific bilateral agreements with ASEAN neighbours, such as the famous investment agreements between the Philippines and China (the theme of major corruption scandals in the Philippines in 2007), harmonized food security standards with Thailand (to facilitate agricultural trade) and numerous agreements with the Mekong Delta countries. This ACFTA for goods would soon be complemented by services and investments, with aggressive monitoring of negotiations on these relevant areas in 2005. The free trade agreement reduced tariffs to 7,881 product categories, or 90% of imported products at zero.  This reduction came into effect in China and in the original six ASEAN members: Brunei, Indonesia, Malaysia, Philippines, Singapore and Thailand. The other four countries are expected to follow in 2015.  In addition to the ASEAN Free Trade Area (AFA) between ASEAN countries, the regional trade bloc has signed several free trade agreements with some of the major economies in the Asia-Pacific region.
These include the ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA), the ASEAN-China Free Trade Agreement (ACFTA), the ASEAN-India Free Trade Agreement (AIFTA), the ASEAN-Korea Free Trade Agreement (AKFTA) and the ASEAN-Japan Comprehensive Economic Partnership (AJCEP). The aim of these free trade agreements is to encourage and encourage businesses of all sizes in ASEAN to trade without customs barriers, both regionally and internationally. Companies operating in ASEAN can take advantage of free trade agreements to facilitate access to new export markets for their low-cost products and benefit from simplified export and import procedures. The ASEAN-India trade agreement came into force on 1 January 2010. The signing of the agreement paved the way for the creation of one of the world`s largest free trade area markets and created opportunities for more than 1.9 billion people in ASEAN and India, with a total GDP of $4.8 trillion. AIFTA is setting up a more liberal and easier market access and investment system between Member States. The agreement provides for tariff liberalization of more than 90% of the products traded between the two dynamic regions. As a result, tariffs for more than 4,000 product lines were agreed to be abolished by 2016 at the earliest.
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