Asean-China Free Trade Agreement (Acfta)

In addition to the Agreement on Trade in Goods, ASEAN and China also signed the Agreement on Trade in Services (ACTISA) on 14 January 2007 for the first package of specific commitments and on 16 November 2011 for the second package of specific commitments. Both packages provide for the expansion of trade in services, with improved market access and interconnection in sectors/subsectors where commitments have been made. The agreement excludes the liberalisation of services related to public procurement and services related to the civil service. ASEAN members have a total population of over 650 million. It is therefore the largest free trade agreement in the world in terms of demographic size. The WIG Agreement, signed on 29 November 2004, is one of the enabling agreements provided for in the Framework Agreement. It defined the modalities for the reduction and abolition of tariffs for normal Track or Sensitive Track tariff lines. In addition, China`s share of ASEAN`s overall trade increased from 2.1% in 1994 to 7% in 2003, making China ASEAN`s 4th largest trading partner after the European Union (11.5%), Japan (13.7%) and the United States of America (14%). This volume of trade is expected to continue to increase until mid-2005, with the implementation of the previous ACFTA programme in January 2004 and the implementation of the tariff reduction programme under the TIG agreement. . . .