Book contents
- Frontmatter
- Contents
- The Contributors
- Foreword
- Opening Remarks by Wang Gungwu
- 1 An Overview of ASEAN-China Relations
- 2 Securing a Win-Win Partnership for ASEAN and China
- 3 China's Peaceful Development and Relations with its East Asian Neighbours
- 4 Strengthening Cooperation in the ASEAN Regional Forum: An ASEAN View
- 5 Strengthening ASEAN-China Cooperation in the ASEAN Regional Forum
- 6 ASEAN+3: The Roles of ASEAN and China
- 7 Ways Towards East Asian FTA: The Significant Roles of ASEAN and China
- 8 Japan and the United States in ASEAN-China Relations
- 9 U.S.-ASEAN, Japan-ASEAN Relations and Their Impacts on China
- 10 India's Approach to ASEAN and Its Regional Implications
- 11 The Dragon, the Bull and the Ricestalks: The Roles of China and India in Southeast Asia
- 12 Evolving Security Environment in Southeast Asia: An ASEAN Assessment
- 13 Evolving Security Environment in Southeast Asia: A Chinese Assessment
- 14 China-ASEAN Maritime Security Cooperation: Situation and Proposals
- 15 ASEAN-China Maritime Security Cooperation
- 16 ASEAN-China FTA: Opportunities, Modalities and Prospects
- 17 Building ASEAN-China FTA: Opportunities, Modalities and Prospects
- 18 China's Business Environment: A Macro Economic Perspective
- 19 Business Environment and Opportunities in Shanghai
- 20 Yunnan's Greater Mekong Sub-Region Strategy
- 21 ASEAN-China Cooperation for Greater Mekong Sub-Region Development
- 22 South China Sea: Turning Suspicion into Mutual Understanding and Cooperation
- 23 The South China Sea Disputes after the 2002 Declaration: Beyond Confidence-Building
- 24 China and Ethnic Chinese in ASEAN: Post-Cold War Development
- Index
16 - ASEAN-China FTA: Opportunities, Modalities and Prospects
Published online by Cambridge University Press: 18 November 2017
- Frontmatter
- Contents
- The Contributors
- Foreword
- Opening Remarks by Wang Gungwu
- 1 An Overview of ASEAN-China Relations
- 2 Securing a Win-Win Partnership for ASEAN and China
- 3 China's Peaceful Development and Relations with its East Asian Neighbours
- 4 Strengthening Cooperation in the ASEAN Regional Forum: An ASEAN View
- 5 Strengthening ASEAN-China Cooperation in the ASEAN Regional Forum
- 6 ASEAN+3: The Roles of ASEAN and China
- 7 Ways Towards East Asian FTA: The Significant Roles of ASEAN and China
- 8 Japan and the United States in ASEAN-China Relations
- 9 U.S.-ASEAN, Japan-ASEAN Relations and Their Impacts on China
- 10 India's Approach to ASEAN and Its Regional Implications
- 11 The Dragon, the Bull and the Ricestalks: The Roles of China and India in Southeast Asia
- 12 Evolving Security Environment in Southeast Asia: An ASEAN Assessment
- 13 Evolving Security Environment in Southeast Asia: A Chinese Assessment
- 14 China-ASEAN Maritime Security Cooperation: Situation and Proposals
- 15 ASEAN-China Maritime Security Cooperation
- 16 ASEAN-China FTA: Opportunities, Modalities and Prospects
- 17 Building ASEAN-China FTA: Opportunities, Modalities and Prospects
- 18 China's Business Environment: A Macro Economic Perspective
- 19 Business Environment and Opportunities in Shanghai
- 20 Yunnan's Greater Mekong Sub-Region Strategy
- 21 ASEAN-China Cooperation for Greater Mekong Sub-Region Development
- 22 South China Sea: Turning Suspicion into Mutual Understanding and Cooperation
- 23 The South China Sea Disputes after the 2002 Declaration: Beyond Confidence-Building
- 24 China and Ethnic Chinese in ASEAN: Post-Cold War Development
- Index
Summary
The Sixth ASEAN-China Summit in Cambodia in 2002 is a milestone of regional economic cooperation for China and for the whole East Asian region. The Framework Agreement on ASEAN-China Economic Cooperation (FAACEC) was signed, and ASEAN and China agreed to establish a Free Trade Area within ten years. This is an institutional response to the leaders’ agreement one year ago.
The decision of the leaders to establish a free trade area demonstrates that the economic and political relations between ASEAN and China has been further enhanced, and the mutual trust and the interdependence on each other will be further deepened. The decision by the leaders was a natural response to a number of important global and regional developments during the past decade, such as the dramatic growth in the number of regional trading arrangements, China's economic emergence and the 1997 financial and economic crisis.
One of the most important results in the framework agreement is the “early harvest” programme, which has already taken effect from 1 January 2004. Some significant benefits have already been demonstrated.
This chapter maps out the future direction of the ASEAN-China FTA by reviewing the trade and economic cooperation between ASEAN and China, as well as the benefits achieved from this specific FTA.
DEVELOPMENT OF TRADE AND ECONOMIC COOPERATION BETWEEN ASEAN AND CHINA
The increasingly closer economic and trade relations, besides the active promotion by the leaders, could be considered the basis for reaching consensus on the establishment of the Free Trade Area within ten years.
Trade between ASEAN and China Greatly Increased
ASEAN and China are important trade partners for each other. ASEAN is China's fifth largest trade partner, and China is ASEAN's sixth largest partner. From 1990 to 2003, the average annual growth rate in trade between ASEAN and China was 20.82 per cent. China's export to ASEAN increased from the US$3.7 billion in 1990 to US$30.9 billion in 2003, and its import from ASEAN increased from the US$3.0 billion in 1990 to US$47.3 billion in 2003. During these fourteen years, the average annual growth rate of China's import from ASEAN increased by 23.78 per cent, faster than that of China's export to ASEAN.
- Type
- Chapter
- Information
- ASEAN-China RelationsRealities and Prospects, pp. 208 - 228Publisher: ISEAS–Yusof Ishak InstitutePrint publication year: 2005