As a professional, I am well aware of the importance of creating content that is informative, engaging, and optimized for search engines. Today, I will be discussing the protocol to amend the Framework Agreement under ASEAN-China Free Trade Area (ACFTA).
The ASEAN-China FTA, which was initiated in 2002, is a comprehensive regional free trade agreement that covers trade in goods, services, and investment. It facilitates the flow of goods and services between ASEAN member states and China, promoting economic growth and development in the region.
In November 2015, the Protocol to Amend the Framework Agreement under ACFTA was signed, with the aim of further enhancing trade and investment between ASEAN and China. The protocol covers various areas, including trade in goods, services, investment, and intellectual property rights.
One of the key objectives of the protocol is to further liberalize trade in goods between ASEAN and China. It aims to eliminate tariffs on over 90% of goods traded between the two parties by 2020, which would provide businesses with greater access to markets and increase trade flows.
In addition, the protocol seeks to improve trade facilitation measures to simplify customs procedures, reduce costs, and enhance efficiency. It also includes provisions to promote investment and protect intellectual property rights, which are crucial for encouraging innovation and creativity.
Under the protocol, ASEAN and China have committed to an ongoing process of review and consultation to ensure the effective implementation of the agreement. This will provide a mechanism for addressing any issues that arise and for further enhancing trade and investment between the two parties.
In conclusion, the Protocol to Amend the Framework Agreement under ACFTA is a significant development in the trade relationship between ASEAN and China. It represents a commitment to further liberalize trade and investment, enhance trade facilitation measures, and protect intellectual property rights. As the implementation of the protocol progresses, it is expected to bring about greater economic integration and growth in the region.