Asia Express - East Asian ICT
China-ASEAN Trade Agreement to Start in July 05
July 01, 2005
According to the trade agreement signed between ASEAN and China in November 2004, July 2005 will see a decrease in import duties on roughly 7,000 products produced in China or ASEAN, with the exception of products that were already subject to lower duties since 2004 as well as a minority of other sensitive products. The first 20 days will constitute the initial inspection period, and after customs databases have been adjusted, the arrangement will officially commence on July 20th. The timeline of the agreement stipulates the complete removal of duties between China and the six oldest members of ASEAN, including Brunei, Indonesia, Malaysia, the Philippines, Singapore, and Thailand. Trade with Cambodia, Laos, Myanmar, and Vietnam will undergo a five-year transitional period, culminating in a free trade with China by 2015.