China and the Association of Southeast Asian Nations (ASEAN) are aiming to complete negotiations on an expanded free trade agreement by November.

In a media statement following a meeting of ASEAN economic ministers with Chinese Minister of Commerce Gao Hucheng on August 23, ministers welcomed recent progress and underscored the importance of driving forward the negotiations.

The ASEAN-China FTA went into effect in 2010. The states agreed to enhance the deal in August 2014. In addition to further reducing tariffs, the two sides have also agreed to add new provisions on trade in services, investment, economic cooperation, customs procedures and trade facilitation, and rules of origin.

ASEAN comprises Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam. Overall, China has become their largest trading partner, accounting for 14.5 percent of ASEAN's total trade.

In 2014, trade between China and ASEAN increased by 8.3 percent to USD480.4bn.

Source: Tax News

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