Asean China Free Trade Agreement Indonesia

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ASEAN members have a total population of over 650 million. Indonesia accounts for more than 40 per cent of the region`s population and the population has been the most opposed to the agreement. [17] [13] The first stage included the first six signatories who, until 2010, participated in the elimination of their customs duties on 90% of their products. [6] Between 2003 and 2008, trade with ASEAN increased from $59.6 billion to $192.5 billion. [7] China`s transformation into a great economic power in the twenty-first century has led to an increase in foreign investment in the Bamboo Network, a network of overseas Chinese companies operating in Southeast Asian markets and with common family and cultural ties. [8] [9] In 2008, ASEAN members and the People`s Republic of China had a nominal gross domestic product of about $6 trillion. [12] [7] On 1 January 2010, the average rate of tariffs on Chinese products sold in ASEAN countries increased from 12.8% to 0.6% until the implementation of the free trade area by other ASEAN members. Meanwhile, the average tariff rate on ASEAN products sold in China fell from 9.8% to 0.1%. [13] Through 2015, total ASEAN trade in goods with China reached $346.5 billion (15.2% of ASEAN trade) and the ACFTA accelerated the growth of direct investment from China and trade cooperation. [6] The ASEAN-China Free Trade Area (ACFTA) is a free trade area between the ten member states of the Association of Southeast Asian Nations (ASEAN) and the People`s Republic of China.

The Framework Agreement was signed by eleven Heads of Government on 4 November 2002 in Phnom Penh, Cambodia. .

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