The Chinese Commerce Ministry commented Sunday that the China-ASEAN agreement on trade in services
constitutes a major step forward in building the China-ASEAN free trade area.??
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China and the Association of Southeast Asian Nations
(ASEAN) countries signed The Agreement on Trade in Services of the
China-ASEAN Free Trade Area in Cebu, the second largest city of the
Philippines, on Sunday.?
The Ministry of Commerce spokesperson said China and ASEAN
countries would further open the services sector, creating
bilaterally improved market access following the agreement.
The signing proved yet another milestone charting the course of
China-ASEAN economic cooperation and trade, said the spokesperson,
adding that it kept the completion of the China-ASEAN FTA on
schedule.
Under the agreement, China will allow auto maintenance companies
from ASEAN countries to create subsidiaries in China as well as
foreign-owned sewage treatment and garbage disposal companies.
Singapore and Brunei have both opened their maritime transport
sector to Chinese companies while some ASEAN countries have done
the same with the hotel and catering sector, allowing Chinese
companies to set up joint ventures there.
The spokesperson said consumers in China and ASEAN countries
would thus benefit from an increased choice in services, while
companies in related sectors would improve their competitiveness by
going global.
In recent years, China and ASEAN countries have enjoyed frequent
exchanges in sectors such as education, transport, energy, culture
and medical services. All 10 ASEAN member countries have become
approved destinations for Chinese tourists.
The spokesperson spoke of the China-ASEAN agreement on trade in
services as the first of its kind under a FTA framework between
China and other countries.
China has initiated negotiations to build 11 free trade areas,
involving 28 countries and regions.
The China-ASEAN free trade area comprises Brunei, Cambodia,
China, Indonesia, Laos, Malaysia, Myanmar, the Philippines,
Singapore, Thailand and Vietnam. Scheduled for completion by 2010,
it will become the world's third largest free trade area after the
European Union and the North American free trade area.
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(Xinhua News Agency January 15, 2007)
