It does, however, establish trade rules that will facilitate investment and other business in the region, said Jeffrey Wilson, research director at the Perth USAsia Center. In line with the current regional and global economic landscape, on 22 November 2015, 27 November 2015, the Protocol amending the Framework Agreement on Comprehensive Economic Cooperation between ASEAN and China was signed. The modernization of THE ACFTA aims to streamline and further improve economic cooperation, including amendments to the Agreement on Trade in Goods, Services, Investment and Economic and Technical Cooperation (ECOTECH). Fifteen countries in the Asia-Pacific region have entered the world`s largest free trade agreement, which they hope will accelerate the recovery of their economies devastated by the coronavirus pandemic. One of the main features of the TIG Agreement is the non-maintenance of quantitative restrictions and the elimination of non-tariff barriers.  Removing these trade barriers will reduce trade costs, further increase trade between ASEAN and China, and improve economic efficiency. Since low-priced imports under the free trade agreement go from member to member, there is specialization in production, which increases real income in both ASEAN and China, as resources go to sectors where they can be used more efficiently and productively. In addition to the Agreement on Trade in Goods, ASEAN and China also signed the Agreement on Trade in Services (ACTISA) on 14 January 2007 for the first package of specific commitments and on 16 November 2011 for the second package of specific commitments. Both packages provide for the expansion of trade in services, with improved market access and interconnection in sectors/subsectors where commitments have been made. The agreement excludes the liberalisation of services related to public procurement and services related to the civil service. Ten ASEAN countries and five other Asia-Pacific countries have signed the world`s largest trade agreement in terms of GDP. The pact is expected to boost economic growth in a region hit hard by the coronavirus pandemic.
As more countries appear to be opting for increasing protectionism, the Southeast Asian region and China are actively forging stronger trade and investment relations at the regional and global levels. Read more: Joe Biden is barely the bookseller Asia hopes for on January 1, 2010, the average rate of tariffs on Chinese goods sold in ASEAN countries rose from 12.8 percent to 0.6 percent, until the remaining ASEAN members completed the free trade area. . . .