Historic Step to Win-win Deal for China, ASEAN

Chinese Premier Zhu and the leaders of the ASEAN signed the Framework Agreement on China-ASEAN Comprehensive Economic Cooperation to kick off the free-trade process. Chinese Premier Zhu Rongji and leaders of the ASEAN (Association of Southeast Asian Nations) member countries signed a landmark framework agreement Monday in Phnom Penh on enhancing full-range economic cooperation, marking the beginning of setting up a China-ASEAN free trade zone. According to the agreement, the free trade zone covers trade in goods and services, investment and economic cooperation, with the trade of goods being the core of the free trade. Tariffs and trade limits on most goods and products will be abolished gradually. China and the ASEAN countries singled out agriculture, IT technology, human resources and investment promotion and the exploration of the Mekong River valley as the priorities for economic cooperation.