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ASEAN-China: ASEAN-China free trade area kicks off.
Section: General News - The world's largest free trade area between China and the Association of Southeast Asian Nations (ASEAN) became operational from January 1, 2010.
The area covers 1.9 billion people and posts a gross domestic product (GDP) of almost 6 trillion USD.
It is the largest of its kind in the world in population and the third biggest in transaction volume, following the European Union (EU) and the North American Free Trade Area (NAFTA).
The area was established after eight years of negotiations, resulting in tariff reduction or exemption for some 9,000 items of goods and services, accounting for 90 percent of bilateral trade. …
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