China and the Association of South East Asian Nations (Asean) have signed a pact that will lead to the creation of the world’s largest free trade zone.
As a result of the accord, signed by the finance ministers of the ten Asean member states on Monday, a process will begin in July 2005 that will eventually result in the reduction and elimination of tariffs on trade in 7,000 goods and services.
It is intended that a complete free trade area involving China and the six ‘old’ member states of Asean (Brunei, Indonesia, Malaysia, the Philippines, Singapore and Thailand) will be in place by the year 2010, and will be extended to cover the four ‘new’ member states (Cambodia, Laos, Myanmar and Vietnam) by 2015.
It emerged yesterday that Japan and South Korea have also adopted separate accords with the Asean group, with the ultimate goal of signing a free trade deal.
According to officials, talks between Japan and Asean will commence in April 2005 and will last two years. It is anticipated that a free trade deal will be in place by 2012.
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