Asean-People`s Republic Of China Comprehensive Economic Cooperation Agreement

In order to promote economic cooperation between the parties, the activities listed in Schedule 4 of the agreement have ASEAN members with a total population of more than 650 million. Indonesia accounts for more than 40% of the region`s population and its population has been the most opposed to the agreement. [17] [13] China first proposed the idea of a free trade area in November 2000. The leaders of ASEAN and China therefore decided to discuss economic integration measures in the region the following year[1][2] In Brunei, they supported the creation of an ASEAN-China free trade area. [3] The Framework Agreement on Comprehensive Economic Cooperation between ASEAN and China (ASEAN-China-AA) The Framework Agreement on Comprehensive Economic Cooperation between ASEAN and China, signed on 5 November 2002, marks ASEAN`s first free trade agreement with a dialogue partner. The framework currently includes three agreements; Trade in goods, services and investments concluded in November 2004, January 2007 and August 2009, respectively. The Working Group on Economic Cooperation under the Framework Agreement held its first meeting in 2009, which focuses on various aspects of the implementation of the free trade agreement. Despite lengthy sequential negotiations, trade between ASEAN and China grew exponentially between 2004 and 2008; exceed the $200 billion target two years earlier than planned. Part of this success was contributed by the implementation of the early development of goods in January 2004. On 1 January 2010, the average tariff rate on Chinese products sold in ASEAN countries increased from 12.8% to 0.6% until the remaining ASEAN members implemented the free trade area. Meanwhile, the average tariff rate on ASEAN products sold in China increased from 9.8% to 0.1%.

[13] Up to 2015, ASEAN`s total merchandise trade with China reached $346.5 billion (15.2% of ASEAN trade), and ACFTA accelerated growth in Chinese direct investment and trade cooperation. [6] The Framework Agreement for Comprehensive Economic Cooperation between ASEAN and China (ACFTA Agreement) was signed in November 2002. The ACFTA agreement contained provisions on economic cooperation and areas of cooperation. In November 2015, as part of joint efforts to raise ASEAN-China relations to a higher level, the parties agreed to sign the protocol amending the Framework Agreement on Comprehensive Economic Cooperation and certain agreements between the Association of Southeast Asian Nations (ASEAN) and the People`s Republic of China (the Protocol).