China and the Association of Southeast Asian Nations (ASEAN) took a step closer towards the creation of an Asian free trade area yesterday with the announcement that tariffs on the trade of merchandise are to be reduced beginning next year.
According to China's Ministry of Commerce, the deal will trigger cutbacks in tariffs over a five year period, commencing an enduring process of economic integration in the region.
An agreement on the programme of tariff reductions, which includes the creation of a dispute resolution mechanism, is expected to be signed at an ASEAN/China summit next month.
The 10-nation ASEAN, which includes Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam, is China’s fifth largest trading partner and two-way trade currently accounts for more than one tenth of the country's annual total trade volume of more than $850 billion.
However, some observers have questioned the agreement, particularly the fact that China has been reluctant to release specific details of the deal, leading some to speculate that many protected products have been excluded from its provisions.
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