ID :
99376
Mon, 01/11/2010 - 16:30
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Shortlink :
https://www.oananews.org//node/99376
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ASEAN, CHINA HELD FORUM ON FREE TRADE AREA
Jakarta, Jan. 11 (ANTARA) - ASEAN and China have successfully concluded a forum on the China-ASEAN Free Trade Area (FOCAFTA) which started Sunday (Jan. 10) in Nanning City in China's Guangxi Zhuong Autonomous Region.
According to a press statement from the Jakarta-based ASEAN Secretariat, more than 300 participants comprising high-level government officials, academics and representatives from the private sector from the ten ASEAN member states and China attended the forum which adopted for its theme "Win-Win Results and Greater Success".
Several speeches on three topics, namely: New Starting Point: to boost trade and vitalize industries; New Opportunity: to invest mutually for economic prosperity; and New Commitment: to build more highlights of regional cooperation, were delivered in the course of the 1?-day Forum.
On future prospects of economic cooperation, three areas were mostly covered by the speakers vis-a-vis the importance of connectivity and the need for infrastructure development with emphasis at the sub-regional level; areas of NTBs in the form of TBT, SPS, standards and Conformance and customs procedures that would negate positive gains in tariff elimination; and support through business-to-business link ups and the government providing the support for the disadvantaged/vulnerable businesses affected by the liberalization process.
FOCAFTA also saw the launching of the ASEAN-China FTA Business Portal by Pushpanathan Sundram, Deputy Secretary-General of ASEAN for ASEAN Economic Cooperation, and Yi Xiaozhun, Vice Minister for China?s Ministry of Commerce, the unveiling of the Qinzhou Free Trade Port Area and the Nanning Bonded Logistics Park as well as the signing of 18 economic cooperation projects valued at US$ 4.896 billion.
Among the economic cooperation projects signed was the Memorandum of Understanding on the China-ASEAN Investment Cooperation Fund. It can be recalled that, at the 12th ASEAN-China Summit in Cha-am Hua Hin, Thailand in October 2009, Leaders from ASEAN welcomed the initiatives of China to contribute to the promotion of infrastructure development, which included the US$ 10 billion China-ASEAN Fund on Investment Cooperation.
"The economic cooperation projects just signed have clearly demonstrated that significant role that public-private sector collaboration can play in an environment of free and open trade", DSG Pushpanathan was quoted as saying.
"No doubt, these projects would provide the necessary infrastructure support towards the successful implementation of the ACFTA", he added.
The ACFTA comprises a market of 1.9 billion with a combined GDP of about US$ 6 trillion and a total trade volume of US$ 4.3 trillion.***
According to a press statement from the Jakarta-based ASEAN Secretariat, more than 300 participants comprising high-level government officials, academics and representatives from the private sector from the ten ASEAN member states and China attended the forum which adopted for its theme "Win-Win Results and Greater Success".
Several speeches on three topics, namely: New Starting Point: to boost trade and vitalize industries; New Opportunity: to invest mutually for economic prosperity; and New Commitment: to build more highlights of regional cooperation, were delivered in the course of the 1?-day Forum.
On future prospects of economic cooperation, three areas were mostly covered by the speakers vis-a-vis the importance of connectivity and the need for infrastructure development with emphasis at the sub-regional level; areas of NTBs in the form of TBT, SPS, standards and Conformance and customs procedures that would negate positive gains in tariff elimination; and support through business-to-business link ups and the government providing the support for the disadvantaged/vulnerable businesses affected by the liberalization process.
FOCAFTA also saw the launching of the ASEAN-China FTA Business Portal by Pushpanathan Sundram, Deputy Secretary-General of ASEAN for ASEAN Economic Cooperation, and Yi Xiaozhun, Vice Minister for China?s Ministry of Commerce, the unveiling of the Qinzhou Free Trade Port Area and the Nanning Bonded Logistics Park as well as the signing of 18 economic cooperation projects valued at US$ 4.896 billion.
Among the economic cooperation projects signed was the Memorandum of Understanding on the China-ASEAN Investment Cooperation Fund. It can be recalled that, at the 12th ASEAN-China Summit in Cha-am Hua Hin, Thailand in October 2009, Leaders from ASEAN welcomed the initiatives of China to contribute to the promotion of infrastructure development, which included the US$ 10 billion China-ASEAN Fund on Investment Cooperation.
"The economic cooperation projects just signed have clearly demonstrated that significant role that public-private sector collaboration can play in an environment of free and open trade", DSG Pushpanathan was quoted as saying.
"No doubt, these projects would provide the necessary infrastructure support towards the successful implementation of the ACFTA", he added.
The ACFTA comprises a market of 1.9 billion with a combined GDP of about US$ 6 trillion and a total trade volume of US$ 4.3 trillion.***
