China and ASEAN are determined to establish a Free Trade Area (FTA) by 2010 as scheduled, says a joint statement issued here Monday.

The joint statement is inked by China and ASEAN countries following a China-ASEAN summit commemorating the 15th anniversary of the establishment of China-ASEAN dialogue.

The FTA consists of trade in goods liberalization by 2010 for China and six traditional ASEAN members including Singapore, the Phillipines, Brunei, Malaysia, Indonesia and Thailand, and by 2015 for Cambodia, Laos, Myanmar and Vietnam, according to the statement.

China and ASEAN pledge to work expeditiously towards agreements to progressively liberalize trade in services covering various sectors. Both sides plan to promote investments by creating a liberal, facilitative, transparent and competitive investment regime in China and ASEAN, the statement says.

The two sides will set up a China-ASEAN Center for Trade, Investment and Tourism Promotion.
According to the statement, China and ASEAN will cooperate in ensuring energy security, efficiency, and the development of alternative and renewable energy sources.They will also strengthen cooperation in finance, tourism and air transportation, and support the realization of the ASEAN Economic Community.

The two sides encourage further cooperation in sub-regional developments such as the development of economic cooperation zones in southwestern China and the Mekong Basin Development areas, it says.

The summit opened Monday afternoon in Nanning, capital of South China's Guangxi Zhuang Autonomous Region. Chinese Premier Wen Jiabao and leaders of the ten ASEAN members as well as ASEAN Secretary-General attended the summit.

(For more biz stories, please visit Industry Updates)