Progress and Prospect of China-ASEAN Free Trade Area

The emergence of China-ASEAN Free Trade Area is by no means a contingency, but against the background that global trade liberalization has risen rapidly and China's accession to WTO has had an impact on surrounding areas. The Framework Agreement of China-ASEAN Overall Economic Cooperation has been signed formally between China and ASEAN, which defines and fixes the objectives, sphere, measures and timetable of China-ASEAN Free Trade Area, providing a basic framework for the establishment of the Free Trade Area. Indeed, China -ASEAN Free Trade Area will face a series of challenges from in and out of the region in the process. However, between China and ASEAN, their common interests are much greater than differences and opportunities for cooperation much more than challenges.