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Glossary: CAFTA

 

Photo: The China-ASEAN Expo
The China-ASEAN Expo
Photo: The China-ASEAN Expo
The China-ASEAN Expo

Acronym in full: China-ASEAN Free Trade Area

China-ASEAN Free Trade Area (CAFTA) include China and the 10 ASEAN countries. In 2002, the Framework Agreement on Comprehensive Economic Co-operation between ASEAN and China was signed with the intention of establishing CAFTA by 2010. Subsequently both parties signed the Framework Agreement on Trade in Goods, the Framework Agreement on Trade in Services and the Framework Agreement on Investment, and started implementation of the liberalising. By 2010, the establishment of CAFTA was basically completed. In merchandise trade in particular, for China and the old members of ASEAN (Brunei, Indonesia, Malaysia, the Philippines, Singapore and Thailand), the tariffs for the majority of goods except sensitive ones were reduced to zero beginning 1 January 2010. For new ASEAN members (Cambodia, Laos, Myanmar and Vietnam), tariffs will be cut every two years beginning 2011 until zero tariffs are achieved by 2015.

 

Related region and country: Asia, China

Related resource: China-ASEAN Business Council

Related articles:

Related term: ASEAN

 

 

 

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