Acfta Brought China Into A Free Trade Agreement With The Association Of Southeast Asian Nations

The framework agreement was signed by eleven heads of government on 4 November 2002 in Phnom Penh, Cambodia. [4]: 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). [4] This agreement does not prevent the parties from negotiating and concluding agreements in order to expedite the implementation of the commitments made under this agreement, provided that these agreements are agreed upon and implemented by all parties. The ASEAN-China Free Trade Area (ACFTA) is a free trade area between the ten member states of the Association of South Asian Nations (ASEAN) and the People`s Republic of China. ASEAN members together have a 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] When a party is faced with a serious balance-of-payments situation and external financial difficulties or one of their threats, it may adopt import restrictive measures in accordance with the 1994 GATT and the 1994 GATT Balance of Payments Rules Agreement. [2] Non-WTO ASEAN members apply their three-year quantitative restrictions [Vietnam: four years] from the date of this agreement or in accordance with their WTO membership obligations, as previously dated. The free trade agreement reduced tariffs to 7,881 product categories, or 90% of imported products at zero. [15] 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. [16] (a) Normal way: for the tariff lines set up by each party in the normal route, their respective MFN tariffs are gradually reduced and abolished in accordance with the terms of this agreement, in order to reach the thresholds set out in this agreement. (b) sensitive rail: for tariff lines put on the sensitive track by each of the contracting parties, their respective MFN tariffs are reduced or abolished under the terms of Schedule 2 of this agreement. For ASEAN Member States, this agreement is tabled with the ASEAN Secretary General by any ASEAN Member State, which immediately submits a certified copy.

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