Asean Has Free Trade Agreement With China

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Although China already has a number of bilateral trade agreements, this is the first time it has signed a regional multilateral trade pact. ASEAN has a similar free trade agreement with India, which is being phased in and is reducing tariffs to 90% of all goods traded between ASEAN and India. In 2016, import and export duties on more than 4,000 products will be abolished. This will have a similar effect to that of the free trade agreement with China, as it opens the Indian consumer market to ASEAN manufactured goods. Indeed, India has a considerable middle-class consumer market in its own right of about 250 million, although it is not expected to grow as rapidly in the short term as China. The ASEAN-India free trade agreement will also be extended to services, discussions are already at an advanced stage and a conclusion is expected before the end of the year. For more details on the ASEAN-India Free Trade Agreement, click here. The RCEP is expected to eliminate a series of import duties within 20 years. An Introduction to Tax Treaties Across Asia In this issue of Asia Briefing Magazine, we examine the different types of trade and tax agreements that exist between Asian nations. These include bilateral investment agreements, bilateral double taxation agreements and free trade agreements that cover all companies directly active in Asia.

The first phase focused on the first six signatories who, until 2010, expressed support for the abolition of their tariffs on 90% of their products. [6] Between 2003 and 2008, trade with ASEAN increased from $59.6 billion to $192.5 billion. [7] China`s transformation into a major economic power in the 21st century has led to an increase in foreign investment in the bamboo network, with a network of Overseas Chinese companies operating in Southeast Asian markets and sharing family and cultural ties. [8] [9] In 2008, ASEAN members and the People`s Republic of China had a nominal gross domestic product of about $6 trillion. [10] [11] The trade agreement allows China – by far the largest economy and the most populous country in the region – to call itself “a champion of globalization and multilateral cooperation,” said Gareth Leather, Asia`s chief capital economics economist, in a report. Southeast Asian heads of state and government met in Bangkok for a three-day, trade-dominated summit. ASEAN members are working to finalize a China-backed plan for the creation of the world`s largest free trade area. One notable absentee was India, which withdrew from the RCEP negotiations last year due to concerns about opening up its agricultural and production sectors to increased foreign competition.

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