Asean, EU Back At The Table For Free Trade Deals

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Asean, EU Back At The Table For Free Trade Deals

The European Union and the Association of South-east Asian Nations (Asean) will revive plans for a Free Trade Agreement.

The EU and 10-nation Asean launched talks towards a pact in 2007 but abandoned the process two years later, with the EU opting instead to conduct bilateral negotiations with individual states. Those talks have had mixed success, with deals so far agreed only with Singapore & most recently, Vietnam.

EU Trade Commissioner Cecilia Malmstrom said it was decided among the EU and senior Asean officials to establish a framework for talks to restart, but there was no time-frame. "We believe it is important to connect two growing markets and to take away as many obstacles to trade," she told reporters in Manila. "Having a region-to-region agreement between EU and Asean is a long-term goal we've been discussing for many years." A trade deal with Asean would connect the EU to the world's 7th-largest market, and one with strong consumer and middle-class expansion, particularly in Vietnam and the Philippines, two of the best-performing economies.

The Asean region has a combined 622 million people and economy of US$ 2.6 trillion and is driven largely by consumption, exports and manufacturing, with Europe a key importer of goods. The initial EU-Asean negotiations were halted in large part due to the complexities of setting common standards among 10 Asean countries with various political systems and stark differences in their economies and populations. Human rights problems have been an issue with many Asean states, creating obstacles given the EU's requirement to consider human rights in its trade policies. Asean is loosely modelled on the EU, though it has yet to establish common standards like free movement of goods, capital & labour.

Cargo Train Launched Between Xi'an, Uzbekistan

Cargo train services have begun between Xi'an, capital of Northwest China's Shaanxi province, and Uzbekistan. A train carrying 1,000 tons of cotton yarn in 41 carriages arrived at Xinzhu station in Xi'an from Tashkent, said an official with Xi'an railway bureau. The new route has cut the delivery time from one month to 15 to 18 days. Around 3,000 tons of quality cotton yarn will be imported from Uzbekistan every month.

After arrival, the yarn will be distributed to eastern and northern parts of China. Xi'an started cargo train services to Central Asia in 2013 and later extended to Europe. According to latest data, 290 trains had run carrying a total of 454,000 tons of cargo to cities like Almaty, Hamburg and Moscow, said the official.