Christy Funsch23



 

Free Trade Agreement Between Malaysia And China

ASEAN members together have a population of more than 650 million. Indonesia accounts for more than 40% of the region`s population and its population has been the most opposed to the agreement. [17] [13] The first step involved the first six signatories who, until 2010, committed to abolishing their tariffs on 90% of their products. [6] Between 2003 and 2008, trade with ASEAN increased from $59.6 billion to $192.5 billion. [7] China`s transformation into a major economic power in the 21st century has led to an increase in foreign investment in the bamboo network, with a network of Overseas Chinese companies operating in Southeast Asian markets and sharing family and cultural ties. [8] [9] In 2008, ASEAN members and the People`s Republic of China had a nominal gross domestic product of about $6 trillion. [10] [11] “It also creates an opportunity for consumers to obtain imported products at a lower cost. But the agreement allows local producers to expect damages as long as they do not participate in this competition. That is why India withdrew from the RCEP negotiations. The ASEAN-China Investment Agreement was signed on 15 August 2009 and came into force on 1 January 2010. It aims to create an environment conducive to investors and their investments from ASEAN and China and thus establishes essential safeguards that ensure fair and equitable treatment of investors, non-discriminatory treatment in the event of nationalisation or expropriation, and compensation for losses. It has provisions allowing the free and freely usable transfer of profits, as well as a provision for the settlement of investor-state disputes, allowing investors to resort to arbitration.

The framework agreement was signed by eleven heads of government on 4 November 2002 in Phnom Penh, Cambodia. [4]: Hassanal Bolkiah (Sultan of Brunei Darussalam), Hun Sen (Prime Minister of Cambodia), Megawati Soekarnoputri (President of Indonesia), Bounnhang Vorachith (Prime Minister of Laos), Mahathir bin Mohamad (Prime Minister Minister of Malaysia), Than Sh (Prime Minister of Burma), Gloria Macapagal-Arroyo (President of the Philippines), Goh Chok Tong (Prime Minister of Singapore), Thaksin Shinawatra (Prime Minister of Thailand), Phan Ven Khi (Prime Minister of Vietnam) , Zhu Rongji (Prime Minister of the State Council of the People`s Republic of China). [4] [5] However, the most important free trade agreement that China has negotiated to date is with ASEAN. With the ASEAN bloc, which included Asian tigers from Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam, as well as smaller regional players such as Brunei, Cambodia, Laos and Myanmar, this unique agreement alters the development of Chinese and ASEAN production.