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| China, Japan, ROK, ASEAN to start FTA feasibility study soon |
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| 2005-01-30 20:36 |
China and relevant countries will begin feasibility study very soon for an East Asia Free Trade Area which will cover China, Japan, the Republic of Korea and the 10-member ASEAN nations, a senior Chinese trade official said Sunday.
Yi Xiaozhun, assistant minister of commerce, told Xinhua in an exclusive interview that an East Asia Free Trade Area will help its members to explore more potentials for faster economic growth and benefit all.
China and ASEAN began to implement two major agreements leading to the China-ASEAN Free Trade Area. They will cut tariffs for about 7,000 items of products from July 1 this year.
Meanwhile, Japan and ROK have also started making similar trade arrangements with the ASEAN.
"East Asia is economically fastest growing region in the world," Yi said. "Total gross domestic product (GDP) of economies in the region, including China, China's Hong Kong, China's Taiwan Province, Japan, ROK and ASEAN in 2003 reached 7.7 trillion US dollars, accounting for 21.2 percent of the world's total."
Within the region, trade surged over the past years. Total trade volume hit 918.02 billion US dollars in 2003, accounting for 54.5 percent of the region's total exports.
"It demonstrated that we have had a good basis for regional economic integration," said Yi. "China, Japan, ROK and ASEAN have been important export market and destinations for outbound investment for each other."
Chinese Premier Wen Jiabao made the proposal for an East Asia Free Trade Area in 2003 and the proposal received active response from leaders of Japan, ROK and members of the ASEAN, Yi said.
But Yi said it will be a gradual and long-term process to establish the proposed East Asia Free Trade Area.
"Yet the free trade area will be established with joint efforts from relevant countries," Yi said. "An east Asia with healthy and rapid development will help the prosperity and stability of the entire world."
(Source: People's Daily Online)
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