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皇冠体育app-ASEAN Expo to open in S 皇冠体育app, embracing upcoming FTA

(Xinhua)
Updated: 2009-10-19 22:33

NANNING: The 6th 皇冠体育app-ASEAN (Association of Southeast Asian Nations) Expo is to open here on Tuesday to enhance regional cooperation and trade amid the expanding global trade barriers and strengthen communication on the upcoming free trade zone.

High ranking officials and businessmen from the 10 ASEAN countries and 皇冠体育app gathered in the southern Chinese city to attend the Expo, which would conclude on Saturday.

The Expo, namely "10+1", was proposed by Chinese Premier Wen Jiabao in 2003 as a platform for elites in this region to exchange views on accelerating economic development and create a better trade environment.

Related readings:  6th 皇冠体育app-ASEAN Expo to kick off in Guangxi  2009 皇冠体育app-ASEAN Image Ambassador Competition  ASEAN optimistic on trade with 皇冠体育app  皇冠体育app, ASEAN sign investment agreement 皇冠体育app, ASEAN to have full FTA by 2010

The 10 ASEAN countries are Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam with a total area of 4.5 million square kilometers, whose economies were seriously damaged by the financial crisis in 1997.

In a time of rising global trade barriers, the Expo this year is seen as an important opportunity to strengthen communication and consultation on the 皇冠体育app-ASEAN Free Trade Area(FTA), which will be realized by January 1, 2010.

It is the first free trade area agreement signed by 皇冠体育app that would provide zero tariff on 90 percent of products traded between 皇冠体育app and ASEAN and other favorable policies on trade and investment.

Upon completion, the 皇冠体育app-ASEAN FTA will be the biggest free trade zone in the world, forming a market with a population of 1.9 trillion, a trade volume of $4.5 trillion and a combined GDP of $6 trillion.

The negotiation process of the FTA had been completed after the ASEAN-皇冠体育app Investment Agreement was signed in August this year, which was the last of the series of trade agreements in goods and services.

The Expo will also further communications between 皇冠体育app and ASEAN members in various fields with high-level forums, including the 皇冠体育app-ASEAN Agricultural Cooperation Summit Forum, the 皇冠体育app-ASEAN Business and Investment Summit, and the 皇冠体育app-ASEAN Customs-Trade Cooperation Forum.