By NNN-APP,
Beijing : Noting the Free Trade Area (FTA) is an agreement between nations to eliminate or reduce tariffs and quotas on most goods traded between them, the Chinese media said that the Progress on the FTA with Pakistan has been fast.
In April 2005, when Premier Wen Jiabao visited Pakistan, the two sides said they would start FTA negotiations. A little over a year later, the China-Pakistan commodity trade agreement was signed, the English language China Daily reported Monday.
China is now involved in more than 10 FTA negotiations with 29 countries and regions from around the world, including the Asia-Pacific region, Latin America, Europe, Africa and Oceania.
Giving details, the paper said that the FTA with ASEAN was China’s first. In November 2004, the two parties signed a commodity trade agreement, signaling the beginning of the China-ASEAN FTA.
The agreement took effect in July 2005 and would see China and the 10 Southeast Asian nations gradually reduce or remove tariffs on 7,000 products by 2015.
While in the case of Sino-Pak the progress on the FTA with Pakistan has been fast. In April 2005, when Premier Wen Jiabao visited Pakistan, the two sides said they would start FTA negotiations. A little over a year later, the China-Pakistan commodity trade agreement was signed.
As regard, China-South Korea FTA, the daily said that it was proposed in November 2004 and a two-year preliminary study found the deal would be positive for both economies. Last March, a feasibility study by governments, industries and academia from both sides began.
The preliminary study found agriculture was a sensitive sector that would hinder the FTA. But many other sectors also raised concern for both sides, including manufacturing and service.
Terming the China-Japan FTA as a difficult road ahead, but the paper states that its significance is recognized by both sides.
In 2006, then Japanese Prime Minister Shinzo Abe said the FTA was beneficial to both nations and proposed talks begin soon.
The key stumbling blocks for Japan are agriculture and protection of intellectual property rights.
Chile is China’s first FTA partner in Latin America and the China-Chile FTA is China’s second.
In November 2005, the China-Chile commodity trade agreement was signed and it became effective in October 2006. Under the agreement, China and Chile will cut tariffs on 97 percent of products to zero in 10 years.
After 15 rounds of talks, China and New Zealand signed a FTA this year. The agreement covers a whole range of items including goods and service trade and investment. New Zealand was the first developed nation to initiate FTA talks with China, beginning in November 2004.
The China-Australia FTA talks are on the way, with the 11th round of negotiation held early this year. China and Australia started FTA talks in May 2005.
Iceland is the first European nation to start FTA talks with China. The two nations held a third round of talks in Beijing in October, 2006, and the fourth round was held in Reykjavik this March.