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] This agreement was signed in 2002 and came into force three years ago. The ASEAN-China Free Trade Area is the largest free trade area in the world in terms of population and, after the European Union and NAFTA, the third largest in terms of nominal GDP. The initial free trade agreement reduced tariffs to nearly 8,000 product categories, or 90% of imported goods at zero. These favourable conditions came into force in China and in ASEAN members, including Brunei, Indonesia, Malaysia, the Philippines, Singapore and Thailand. Cambodia, Laos, Myanmar and Vietnam will also apply these conditions in 2015. Changes to the free trade area framework mainly concerned Vietnam. These amendments were intended to help Vietnam reduce tariffs and were cited as guidelines.

[14] For more information or to contact the company, please email china@dezshira.com, visit www.dezshira.com or download the company brochure. The free trade agreement reduced tariffs to 7,881 product categories, or 90% of imported products at zero. [15] This reduction came into effect in China and in the original six ASEAN members: Brunei, Indonesia, Malaysia, Philippines, Singapore and Thailand. The other four countries are expected to follow in 2015. [16] It is very instructive to understand the free trade agreement for foreigners, while the material is available only in Chinse language in Chian The 2015 meeting is of great importance to China, as this includes Vietnam, which has gradually become another goal for China`s manufacturing. With Vietnamese wages, which currently earn about a third of wages in southern China, the production capacity of products eventually destined for the Chinese market is increasingly finding its way to Vietnam. Details of the China-ASEAN free trade agreement can be found at our ASEAN briefing site, which also contains regular updates to Chinese tax treaties throughout the region. Knowledge of products that can now be manufactured outside China and manufactured at a lower cost, but imported into the country duty-free, is a strategic and economic issue for many manufacturers. Foreign producers are automatically eligible for the ASEAN treaty by staying in an ASEAN nation (such as Vietnam), the qualification requirement being purely geographical. The first phase focused on the first six signatories who, until 2010, expressed support for the abolition of their tariffs on 90% of their products. [6] Between 2003 and 2008, trade with ASEAN increased from $59.6 billion to $192.5 billion. [7] China`s transformation into a major economic power in the 21st century has led to an increase in foreign investment in the bamboo network, with a network of Overseas Chinese companies operating in Southeast Asian markets and sharing family and cultural ties.

[8] [9] In 2008, ASEAN members and the People`s Republic of China had a nominal gross domestic product of about $6 trillion. [10] [11] After the first six signatories reached their target by 2010, the CLMV countries (Cambodia, PDR, Myanmar, Vietnam) pursued the same customs policy, with the same goal to be achieved by 2015. [6] In 2010, the ASEAN-China Free Trade Area became the largest free trade area in terms of population and the third largest in nominal GDP.