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There is little doubt that China-ASEAN Free Trade Area (CAFTA) is important to ASEAN.As a rapidly growing economy,China offers enormous potential for the largely small and export-oriented ASEAN member countries.China’s importance is even more evident at present with a fragile and uncertain global economic recovery and grave economic difficulties faced by the industrial world on which ASEAN countries rely heavily.Through closer integration within the region and with China,CAFTA helps small ASEAN countries pool resources and combine markets.Needless to say,China’s increasing integration with the world trading system also presents tremendous competitive pressure on its smaller neighbors.For ASEAN,instituting a more inclusive CAFTA,which covers trade in goods and services as well as investment activities,is essential for forging a comprehensive economic partnership with China and enabling a deeper economic integration in the long run.
There is little doubt that China-sEAN Free Trade Area (CAFTA) is important to ASEAN.As a rotating growing economy,China offers enormous potential for the large small and export-oriented ASEAN member countries.China’s importance is even more evident at present with a fragile and uncertain global economic recovery and grave economic difficulties faced by the industrial world on which ASEAN countries rely heavily.Through closer integration within the region and with China,CAFTA together small ASEAN countries pool resources and combine markets.Needless to say,China’s increasing Integration with the world trading system also owns significant competitive pressure on its smaller neighbors.For ASEAN, instituting a more inclusive CAFTA, which covers trade in goods and services as well as investment activities, is essential for forging a comprehensive economic partnership with China and the a deeper economic integration in the long run.