Trade agreement between China and ten Asian countries that came into force at the beginning of 2010. The agreement provides for the elimination of tariffs and the favoring of reciprocal investments. – The agreement is two-speed. Between China and the six countries that make up the Asean (Association of Southeast Asian Nations) trading bloc – Indonesia, Brunei, Malaysia, the Philippines, Singapore and Thailand – tariffs have been reduced to zero on 90 percent of all traded goods since January 1, 2010. For the four other Asean states of Laos, Vietnam, Cambodia and Myanmar (Burma), this reduction is to be implemented from 2015. This is the world’s most populous free trade area, ahead of the EU and Nafta (North American Free Trade Agreement between Canada, the USA and Mexico, which came into force on January 1, 1994).
At the beginning of 2010, there were around 1.3 billion people living in China and around 584 million in the ten Asean states. At the same time, the region accounted for about 11 percent of global economic output. Trade between China and the Asean states grew by an average of 24 percent annually between 2003 and 2008. – AFTA’s long-term goal is a currency union modeled on the eurozone. – See Asian Currency Unit.

Attention: The financial encyclopedia is protected by copyright and may only be used for private purposes without express consent!
University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
E-mail address: info@ekrah.com
https://de.wikipedia.org/wiki/Gerhard_Ernst_Merk
https://www.jung-stilling-gesellschaft.de/merk/
https://www.gerhardmerk.de/

Kommentare geschlossen.