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Pact aims to streamline trade, protect consumers

By Le Tian (China Daily)
Updated: 2007-11-21 09:18

China and the ASEAN yesterday signed a region-wide agreement to ensure higher quality agricultural and other food products.

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The deal, signed in the presence of Premier Wen Jiabao and 10 ASEAN leaders, is designed to streamline trade and better protect consumer rights.

The agreement is another step towards the development of a free trade agreement (FTA), earmarked for 2010.

Once ratified, the China-ASEAN FTA will be the world's largest, encompassing some 1.7 billion consumers with an estimated total trade figure of about $1.2 trillion.

"I wish to reiterate that it remains a key foreign policy goal of the Chinese government to consolidate and develop its Strategic Partnership for Peace and Prosperity with the ASEAN," Wen said in a keynote speech at the 11th ASEAN Plus China (10+1) Summit.

To strengthen potential win-win benefits and common development, Wen called on both sides to focus on a number of key issues:

Enhance political trust and policy coordination.

Upgrade business ties and cooperation.

Cooperation on non-traditional security fields.

Provide support for the development of the ASEAN Community and integration.

Expand social, cultural and people-to-people exchanges.

China and ASEAN have signed goods and services trade agreements and are now negotiating one for investment.

Bilateral trade is estimated to reach $190 billion this year and exceed $200 billion next year. Mutual investment has reached $45.4 billion.

China and ASEAN are now each other's fourth largest trading partners.

"We should implement the Declaration on the Conduct of Parties in the South China Sea and make progress in taking follow-up actions, advance cooperation and joint development and maintain stability," Wen said.

Moreover, a joint expert group should be established to carry out a feasibility study for Pan-Beibu Gulf economic cooperation, he said.

Wen also called for increased military exchanges between the two sides, more defense cooperation, strengthened dialogue on defense policy and better ties between respective militaries in "non-traditional security" areas.

China will host an exchange program for defense academics next year.

Wen said China wants closer ties with ASEAN to combat drug trafficking, human trafficking, piracy, terrorism, arms smuggling, money laundering, international economic crimes and cyber crimes. He also called for further discussion to boost tourism, improve measures to prevent natural disasters, protect intellectual property rights, save energy, increase environmental protection and address climate change.

To promote people-to-people exchanges, China will implement an initiative to train 8,000 professionals in various sectors for ASEAN in the next five years, he said.


(For more biz stories, please visit Industry Updates)



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