"The signing of the Protocol will further boost trade and investment between ASEAN and China," said ASEAN Secretary General in a press release received her, Saturday.
The protocol also known also as the ASEAN-China Trade in Services Agreement (AC-TIS) was signed on the sidelines of the ASEAN-China Summit.
The Protocol further liberalizes trade in services among the ten ASEAN Member States and China with substantial improvement in their commitments on trade in services.
Under the new Protocol, the eleven Parties expanded the sectoral coverage of their commitments beyond those that the commitment that had been made under the General Agreement on Trade in Services (GATS) and the first package of AC-TIS as well as further liberalize the level of restrictions or remove discriminatory measures in those commitments.
The Agreement on Trade in Services between ASEAN and China was was signed in 2007 provided a substantial improvement of the commitments on trade in services.
The Agreement also provides progressive liberalization at successive rounds of negotiations to negotiate further packages of commitments.
The 14th ASEAN-China Summit was held earlier in the day to commemorate the 20th anniversary of dialogue between the ASEAN and China, during which Chinese Premier Wen Jiabao and heads of state or government of ASEAN countries reviewed their relations and cooperation between the ASEAN and China, and deliberated the future direction of the strategic partnership for peace and prosperity.
ASEAN groups Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Thailand, Singapore and Vietnam.(*)
Editor: Ruslan Burhani
Copyright © ANTARA 2011
