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China-ASEAN Investment Agreement signed
C
hina's Commerce Minister of Southeast Asian Nations (ASEAN)
Chen Deming and the launched their cooperation dialogue
economic ministers from 10 in 1991 and signed the
ASEAN member states Saturday China-ASEAN Framework
morning signed the ASEAN-China Agreement on Comprehensive
Investment Agreement during the Economic Cooperation in 2002,
41st ASEAN Economic Ministers proposing the ASEAN-China FTA by
Meeting (AEM) and related meetings Jan. 1, 2009.
here.
After the two sides had negotiated
The signing of the investment since 2003, the agreement would
agreement, together with expand trade and investment
already-signed China-ASEAN between ASEAN and China as well
agreements of the trade in goods as enhance economic ties with China,
and services, completed the Thailand's Commerce Minister
negotiation process of China-ASEAN Porntiva Nakasai said in a news
Free Trade Area (FTA), which is to release.
be realized by January 1, 2010.
Both sides agreed to support foreign
"The China-ASEAN FTA will be an direct investment of their investors,
advanced FTA that covers an as well as promote and protect
extensive area of 13,000,000 square investments of Parties to the
kilometers with a population of 1.9 Agreement by giving
billion ", Chen told Xinhua after the non-discriminatory and fair treatment
signing ceremony. to investors, compensating investors
in case of expropriation and
The Investment Agreement, 27 providing for investors-State dispute
clauses included, tries to provide a settlement, Porntiva said.
free, transparent and justice
investment mechanism for investors Investment facilitation and protection
from both sides, who can enjoy will result in increase in production,
most-favored-nation treatment, exports, and trade volume of both
citizen treatment, and fair and sides, Porntiva said.
equitable treatment on reciprocal
investment, said Zhang Kening, Porntiva said China is an important
Counselor from the International trade partner of ASEAN and is the
Department of the Chinese fourth largest export market of
Commerce Ministry. ASEAN. In 2009
(January-September) ASEAN export
China and the 10-nation Association to China was approximately 85.6
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billion U.S. dollars.
China is the third Minister Korbsak
largest source of Sabhavasu, who
import of ASEAN. presided over the
Imports from China official opening
valued at nearly 107.0 ceremony on Friday,
billion U.S. dollars, the said that it is crucial
Thai minister said. that the ASEAN region
will be the
This will lead to an outward-looking group
increase in green field since it is essential to
investments and live harmoniously
reinvestment of profit in within other community
sustainable way. This in the world as the
is in line with the ultimate goal for
objectives of the ASEAN integration.
ASEAN Economic
Community, she said. Prior to the official
opening ceremony,
China is the 8th largest high level officials from
investor in ASEAN, the 10
with accumulated ASEAN-member
investments as of 2008 countries began on
valued at 6.1 billion Wednesday discussing
U.S. dollars, while and setting up
ASEAN accumulated economic policies and
investments in China topics prior to
as of 2008 were valued submitting to the
at 5.6 billion U.S. related ministers on
dollars, she said. these following days.
The 41st meetings And, on Thursday, the
have been focusing on ASEAN economic
the economic ministers and Indian
integration within the Minister of Commerce
ASEAN region as the and Industry Anand
ASEAN Economic Sharma signed a
Community is expected long-awaited free trade
to complete in 2015, in agreement (FTA) for
which investment, trade in goods after
capital and skilled labor over six years of
can flow freely. intense negotiations.
Thai Deputy Prime