ASEAN-China Free Trade Area
| China–ASEAN Free Trade Area | |||||||||
ASEAN–China Free Trade Area
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| Chinese name | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Simplified Chinese | 中国―东盟自由贸易区 | ||||||||
| Traditional Chinese | 中國─東盟自由貿易區 | ||||||||
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| Vietnamese name | |||||||||
| Vietnamese alphabet | Khu vực mậu dịch tự do Trung Quốc – ASEAN | ||||||||
| Indonesian name | |||||||||
| Indonesian | Kawasan Perdagangan Bebas ASEAN-Cina | ||||||||
| Transcriptions | |
|---|---|
| Standard Mandarin | |
| Hanyu Pinyin | Zhōngguó-Dōngméng Zìyóu Màoyì Qū |
| IPA | [ʈʂʊ́ŋkwǒ tʊ́ŋmə̌ŋ tsɹ̩̂jǒu mâuî tɕʰý] |
The ASEAN–China Free Trade Area (ACFTA), also known as China–ASEAN Free Trade Area is a free trade area among the ten member states of the Association of Southeast Asian Nations (ASEAN) and the People's Republic of China. The initial framework agreement was signed on 4 November 2002 in Phnom Penh, Cambodia, with the intention to establish a free trade area among the eleven nations by 2010. The free trade area came into effect on 1 January 2010. The ASEAN–China Free Trade Area is the largest free trade area in terms of population and third largest in terms of nominal GDP.
ASEAN members and the People's Republic of China had a combined nominal gross domestic product of approximately US$6 trillion in 2008. The free trade area had the third largest trade volume after the European Economic Area and the North American Free Trade Area.
Members of ASEAN have a combined population of more than 580 million.
Indonesia accounts for more than 40 percent of the region's population, and its people have voiced the greatest amount of opposition to the agreement. Several days following the implementation of the free trade area, it announced plans to renegotiate tariffs on 228 product categories. In exchange, Indonesia would accelerate implementation of the agreement on 153 categories.
China first proposed the idea of a free trade area in November 2000. It had overtaken the United States as the third largest trading partner of ASEAN, after Japan and the European Union, when the free trade area came into effect. Between 2003 and 2008, trade with ASEAN grew from US$59.6 billion to US$192.5 billion. China's transformation into a major economic power in the 21st century has led to an increase of foreign investments in the bamboo network, a network of overseas Chinese businesses operating in the markets of Southeast Asia that share common family and cultural ties. China is also the world's largest exporter.
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