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China, ASEAN Sign Upgraded Trade Co-op Protocol
   2015-11-23 07:19:48    CRIENGLISH.com      Web Editor: Mao

Chinese Premier Li Keqiang and ASEAN members' leaders attend a signing ceremony of the protocol to amend the framework agreement on comprehensive economic cooperation between China and ASEAN, in Kuala Lumpur, Malaysia, Nov. 22, 2015. [Photo: Xinhua/Huang Jingwen]

China and the Association of Southeast Asian Nations have signed a protocol concerning deepened bilateral trade cooperation.

Covering a wide range including trade in goods, services and investment, this protocol is a supplement to the original agreement of the ASEAN-China Free Trade Area, which was fully completed 5 years ago.

Both sides have agreed to improve and further open their services to each other, allow each other to establish solely-owned or joint-venture companies, as well as reduce regional restrictions.

China is the ASEAN's largest trade partner while ASEAN is China's third largest partner.

Bilateral trade volume between China and ASEAN has surged to over 480 billion U.S. dollars by last year thanks to the preferential policies, and the two sides are now targeting the volume at 1 trillion U.S. dollars by 2020.

Mutual investment between the two sides has added up to more than 150 billion U.S. dollars.

Related:

China-Asian Cooperation Help Boost New Growth Points

China, ASEAN Seals Deal to Upgrade Bilateral FTA

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