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China-ASEAN free trade zone opens
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The first day of 2010 marks the official launch of the China-ASEAN free trade area, with trade agreements between China and the Association of Southeast Asian Nations coming into effect.
From Friday, about 7,000 items, which make up more than 90 percent of all traded items within the bloc, including vegetables, fruit, machinery and textile products, enjoy zero-tariffs within the economic zone.
The majority of traded goods going duty-free are between China and the more developed ASEAN countries - Brunei, Malaysia, Indonesia, the Philippines, Singapore, Thailand - while the four newer ASEAN members - Cambodia, Laos, Myanmar, and Vietnam - will gradually realize free trade with China by 2015.
The process of establishing the free trade area began back in November 2002, when China signed the landmark Framework Agreement with the 10 ASEAN nations.
A treaty signed in August 2009 started to open investment markets to each country, the first milestone in the process.
So far, China has become the third largest trading partner of ASEAN, while ASEAN has become China's fourth largest.
The newly formed economic bloc covers a combined population of 1.9 billion and a gross domestic product close to six trillion US dollars. It is the world's third largest free trade area, after the European Union and North America.
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