Upgraded CAFTA talks make progress
Print Edition
THE second round of negotiations on an upgraded China-ASEAN Free Trade Area (CAFTA) has made “notable progress,” China’s Ministry of Commerce said yesterday.
Service trade, investment, economic cooperation, simplified trade procedures were discussed during the negotiations, the ministry said.
Launched in 2010, CAFTA has become the largest free trade area among developing countries. China proposed “an upgraded version” of CAFTA in September 2013.
The first round of talks began in September last year in Vietnam.
China is ASEAN’s largest trading partner, while the bloc ranks as China’s third-largest trading partner. China aims to lift trade with ASEAN to US$500 billion by the end of this year and US$1 trillion by 2020.
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