FTA AgreementsA Framework Agreement on Comprehensive Economic Cooperation between ASEAN and China was signed by all the ASEAN Member States and the People’s Republic of China on 4 November 2002 in Phnom Penh. This Agreement provided the legal basis for ASEAN and China to negotiate enabling agreements that have led to the creation of the ASEAN-China Free Trade Area (ACFTA) on 1 January 2010. China is currently the third largest trading partner of ASEAN after Japan and EU, with a trade value of US $192 billion in 2008. This makes up for 11% of ASEAN’s total trade with external parties. The ACFTA is a market of 1.91 billion consumers that have a combined GDP of about US$5.83 trillion (2008). In terms of consumer market size, the ACFTA is the biggest FTA in the world.
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