The China-ASEAN Free Trade Area (CAFTA), the world's largest free trade zone, officially launched on January 1, 2010. This landmark agreement saw over 90% of goods traded between China and the ten ASEAN member states move toward zero tariffs, covering more than 7,000 products. With a combined GDP of nearly $6 trillion and a trade volume of $4.5 trillion, the region entered a new era of economic integration and reduced trade barriers.
The development of economic and trade relations between China and ASEAN has been rapid since the signing of the Framework Agreement on Comprehensive Economic Cooperation in November 2002. By 2010, the two sides had completed the "Goods Trade Agreement," "Service Trade Agreement," and "Investment Agreement" after seven years of collaborative efforts.
Starting from January 1, 2010, six original ASEAN members—Brunei, the Philippines, Indonesia, Malaysia, Thailand, and Singapore—reduced their tariffs on Chinese goods to below 0.1%, while China’s average tariff on ASEAN imports dropped from 9.8% to nearly zero. The four newer ASEAN members—Vietnam, Laos, Cambodia, and Myanmar—were expected to achieve the same 90% zero-tariff target by 2015.
Since the signing of the Comprehensive Economic Cooperation Framework Agreement, bilateral trade surged dramatically. From around $60 billion in 2002, trade volumes reached $231.12 billion in 2008, reflecting an impressive annual growth rate of 24.2%.
Thai Ambassador Wang Yisheng predicted that with the completion of CAFTA in 2010, trade between China and ASEAN would continue to grow rapidly, potentially increasing by 40% to 50% annually.
Experts like Zhang Kening highlighted that the reduction of tariffs not only boosted trade volume but also helped optimize the trade structure. While both China and ASEAN are export-oriented, they have complementary industries. For instance, China exports machinery, steel, and textiles to ASEAN, while importing raw materials such as copper, rubber, and cocoa. The share of mechanical and electrical products in China’s exports to ASEAN rose from 39.5% in 2003 to 50% in 2008.
According to a report by Guojin Securities, sectors like chemical fiber, transportation equipment, steel, and chemicals have seen growing export shares to ASEAN. While the steel industry remains at a low point, other industries show strong potential for expansion. As a result, the China-ASEAN Free Trade Area is likely to see increased activity in textile machinery and chemical products in the medium term.
Given that many ASEAN countries are agricultural economies, there is significant demand for Chinese agricultural machinery and production inputs. Additionally, cooperation in sectors such as machinery processing, textiles, engineering contracts, and electrical appliances presents substantial opportunities for future growth.
With the full launch of CAFTA on January 1, 2010, the RMB began to play a more prominent role in regional trade. Experts believe that currency internationalization typically progresses through three stages: initial use in surrounding regions, followed by regional adoption, and finally becoming a global reserve currency. ASEAN currently shows strong potential for RMB acceptance due to its growing trade volume and convenience of payment.
In 2008, bilateral trade reached $231.12 billion, and even during the 2009 financial crisis, trade remained robust, reaching $187.05 billion in the first 11 months. As one of the fastest-growing regions globally, ASEAN is increasingly looking to the RMB for pricing and settlement.
Following the financial crisis, China introduced cross-border RMB settlement, initially promoting its use in ASEAN. The stability of the RMB compared to the depreciating US dollar made it a more attractive option for regional trade. In addition, the Chiang Mai Initiative Multilateralization Agreement, signed by finance ministers and central bank governors, further supported the RMB’s role in trade financing within the free trade area.
To deepen economic and financial cooperation, authorities have announced plans to promote investment facilitation in the region. Future collaboration in trade and capital markets will expand, helping to establish broader channels for RMB circulation and use. This will enhance the RMB’s presence in the global economy.
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