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PROTECTIONIST sentiment has been on the rise worldwide ever since the last financial crisis. By erecting barriers that stymie the flow of goods and services between nations， protectionist policies actually exacerbate economic misfortune — exactly what the world doesn’t need right now.
Inter-bloc trade frictions have also become more apparent in the last five years. One response China has taken when faced with this reality has been to push for greater regional cooperation in the form of bilateral free trade agreements. Bilateral trade relationships are more easily managed and are a reliable means of consolidating the achievements of the liberalized global trade environment， enhancing economic development and providing economic security to the parties involved.
The world has entered a third wave of post-World War II global free trade development. As a consistent promoter of global free trade， China is putting much energy into building free trade areas. Recent achievements epitomize these efforts.
A Milestone
On April 15， China and Iceland signed a free trade agreement （FTA） in Beijing. After six years of negotiations， Iceland became the first European country to enter into an FTA with China. The agreement and the great benefits it will bring mark a breakthrough that is likely to lend strong impetus to China’s FTA talks with other European nations.
The China-Iceland FTA covers trade in goods and services， investment， and other areas of the economy.
According to the agreement， all Chi- nese industrial and aquatic products exported to Iceland — 99.77 percent of China’s total export volume to the Nordic country — will be subject to zerorated customs duties on arrival. Meanwhile， China will impose zero tariff rates on 7，830 former tariff items imported from Iceland， representing 81.56 percent of total import volume. Among the items included are Icelandic aquatic products， a staple of the country’s economy. Following the establishment of a ChinaIceland Free Trade Area， nearly 100 percent of the trade volume between the two countries will be duty free.
The parties also made commitments in service trades that are stricter than comparable WTO commitments. Specific provisions on investment， the flow of citizens， sanitary and phytosanitary measures， technical trade barriers， rules of origin， customs procedures， competition policies and intellectual property are also included in the FTA. FTA Background
China started looking seriously at free trade areas after the 1997 Asian financial crisis. In November 2000， the country initiated FTA negotiations with the Association of Southeast Asian Nations（ASEAN）. Negotiations were concluded in November 2004； an agreement was hashed out and the country’s first ever FTA signed. Subsequently the trade volume between China and ASEAN has skyrocketed， exceeding US $400 billion in 2012， US $250 billion more than that between China and Latin America.
In June 2003， the country’s central government signed a Closer Economic Partnership Agreement （a preferential trade agreement similar to an FTA） with both its Hong Kong and Macao special administrative regions. The agreement came into effect on January 1， 2004.
Negotiations on a China-Chile FTA started in November 2004 and were concluded in one year. The subsequent FTA came into effect in October 2006.
During the negotiation and implementation of the above FTAs， China gained valuable negotiating experience， and made significant progress in forwarding its relationship with economic partners around the world.
Currently， China has FTAs with 12 countries and regions in Asia， Latin America， Oceania and Europe. Meanwhile， discussions on building free trade areas with trade partners in Africa， Europe， Latin America， Oceania and Middle East are under way.
National Strategy
After an initial run of success in establishing free trade areas， China came up with its “Free Trade Area Strategy” in 2007. The aim of the strategy is to further reform and opening-up， strengthen rela- tions between trade partners， fight new instances of trade protectionism， and promote the liberalization of world trade and investment and the establishment of global multilateral trade mechanisms.
According to statistics from the World Trade Organization （WTO）， a total of 160 regional trade agreements were reported and validated between 2001 and 2012， most of which were free trade agreements. The rush on trade agreements began in the wake of the Asian financial crisis and reached its apogee during the global economic crisis triggered by U.S. sub-prime lending. The year 2008 saw the implementation of 17 regional trade agreements， while 2009 saw 19.
The WTO estimates that regional economic cooperation is poised for more growth in the coming years. This indicates that China’s strategies for building free trade areas conform to trends in the development of world trade and will help facilitate economic recovery in both the Asia-Pacific and beyond.
Inter-bloc trade frictions have also become more apparent in the last five years. One response China has taken when faced with this reality has been to push for greater regional cooperation in the form of bilateral free trade agreements. Bilateral trade relationships are more easily managed and are a reliable means of consolidating the achievements of the liberalized global trade environment， enhancing economic development and providing economic security to the parties involved.
The world has entered a third wave of post-World War II global free trade development. As a consistent promoter of global free trade， China is putting much energy into building free trade areas. Recent achievements epitomize these efforts.
A Milestone
On April 15， China and Iceland signed a free trade agreement （FTA） in Beijing. After six years of negotiations， Iceland became the first European country to enter into an FTA with China. The agreement and the great benefits it will bring mark a breakthrough that is likely to lend strong impetus to China’s FTA talks with other European nations.
The China-Iceland FTA covers trade in goods and services， investment， and other areas of the economy.
According to the agreement， all Chi- nese industrial and aquatic products exported to Iceland — 99.77 percent of China’s total export volume to the Nordic country — will be subject to zerorated customs duties on arrival. Meanwhile， China will impose zero tariff rates on 7，830 former tariff items imported from Iceland， representing 81.56 percent of total import volume. Among the items included are Icelandic aquatic products， a staple of the country’s economy. Following the establishment of a ChinaIceland Free Trade Area， nearly 100 percent of the trade volume between the two countries will be duty free.
The parties also made commitments in service trades that are stricter than comparable WTO commitments. Specific provisions on investment， the flow of citizens， sanitary and phytosanitary measures， technical trade barriers， rules of origin， customs procedures， competition policies and intellectual property are also included in the FTA. FTA Background
China started looking seriously at free trade areas after the 1997 Asian financial crisis. In November 2000， the country initiated FTA negotiations with the Association of Southeast Asian Nations（ASEAN）. Negotiations were concluded in November 2004； an agreement was hashed out and the country’s first ever FTA signed. Subsequently the trade volume between China and ASEAN has skyrocketed， exceeding US $400 billion in 2012， US $250 billion more than that between China and Latin America.
In June 2003， the country’s central government signed a Closer Economic Partnership Agreement （a preferential trade agreement similar to an FTA） with both its Hong Kong and Macao special administrative regions. The agreement came into effect on January 1， 2004.
Negotiations on a China-Chile FTA started in November 2004 and were concluded in one year. The subsequent FTA came into effect in October 2006.
During the negotiation and implementation of the above FTAs， China gained valuable negotiating experience， and made significant progress in forwarding its relationship with economic partners around the world.
Currently， China has FTAs with 12 countries and regions in Asia， Latin America， Oceania and Europe. Meanwhile， discussions on building free trade areas with trade partners in Africa， Europe， Latin America， Oceania and Middle East are under way.
National Strategy
After an initial run of success in establishing free trade areas， China came up with its “Free Trade Area Strategy” in 2007. The aim of the strategy is to further reform and opening-up， strengthen rela- tions between trade partners， fight new instances of trade protectionism， and promote the liberalization of world trade and investment and the establishment of global multilateral trade mechanisms.
According to statistics from the World Trade Organization （WTO）， a total of 160 regional trade agreements were reported and validated between 2001 and 2012， most of which were free trade agreements. The rush on trade agreements began in the wake of the Asian financial crisis and reached its apogee during the global economic crisis triggered by U.S. sub-prime lending. The year 2008 saw the implementation of 17 regional trade agreements， while 2009 saw 19.
The WTO estimates that regional economic cooperation is poised for more growth in the coming years. This indicates that China’s strategies for building free trade areas conform to trends in the development of world trade and will help facilitate economic recovery in both the Asia-Pacific and beyond.