China Thailand Trade Agreement

RCEP members worked on two parallel negotiations on market access for goods and services and a draft contract text, the official said. The framework agreement was signed by eleven heads of government on 4 November 2002 in Phnom Penh, Cambodia. [4]: Hassanal Bolkiah (Sultan of Brunei Darussalam), Hun Sen (Prime Minister of Cambodia), Megawati Soekarnoputri (President of Indonesia), Bounnhang Vorachith (Prime Minister of Laos), Mahathir bin Mohamad (Prime Minister Minister of Malaysia), Than Sh (Prime Minister of Burma), Gloria Macapagal-Arroyo (President of the Philippines), Goh Chok Tong (Prime Minister of Singapore), Thaksin Shinawatra (Prime Minister of Thailand), Phan Ven Khi (Prime Minister of Vietnam) , Zhu Rongji (Prime Minister of the State Council of the People`s Republic of China). [4] [5] China and ASEAN are important trading partners in agriculture. In recent years, bilateral trade in agricultural products has exceeded $5 billion. In the first nine months of the year, trade between Thailand and China reached $45.71 billion, or 11.6% over the same period last year. Negotiators from the 16-nation Comprehensive Regional Economic Partnership (RCEP) are in the Thai capital this week to try to finalize the world`s largest free trade area with one-third of the world`s gross domestic product. Tariffs for more than 200 vegetables and fruit will drop to zero under the current 30 percent deal, said Sun Yuanjiang, a ministry official. Beijing: Thailand is advancing plans to improve economic cooperation with China and on Wednesday approved the comprehensive framework to strengthen the trade and economic partnership between the two countries and aims to double bilateral trade to reach $140 billion (4.59 trillion baht) by 2021. On 1 January 2010, the average tariff rate on Chinese products sold in ASEAN countries increased from 12.8% to 0.6% until the remaining ASEAN members implemented the free trade area. Meanwhile, the average tariff rate on ASEAN products sold in China increased from 9.8% to 0.1%.

[13] Up to 2015, ASEAN`s total merchandise trade with China reached $346.5 billion (15.2% of ASEAN trade), and ACFTA accelerated growth in Chinese direct investment and trade cooperation. [6] Last November, Zhu Rongji, then Chinese Prime Minister, signed a framework agreement with ASEAN on the creation of a free trade area. China is currently engaged in bilateral negotiations with the ten ASEAN member countries. India has agreed on the principle of a safeguard mechanism that would trigger tariffs if goods from a partner country were dumped, said a source with knowledge of the Reuters news agency`s negotiations in India last week. Most trade between China and ASEAN will then be valued at zero tariffs, while non-tariff measures will be abolished and bilateral trade and reciprocal investment liberalized.

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