Countries that do not have existing free trade agreements between them, such as China and India, could take longer in their discussions, Auramon said. The Framework Agreement was signed by eleven Heads of Government on 4 November 2002 in Phnom Penh, Cambodia. : Hassanal Bolkiah (Sultan of Brunei Darussalam), Hun Sen (Prime Minister of Cambodia), Megawati Soekarnoputri (President of Indonesia), Bounnhang Vorachith (Prime Minister of Laos), Mahathir ben Mohamad (Prime Minister of Malaysia), Thaksin Shinawatra (Prime Minister of Thailand), Phan Văn Khải (Prime Minister of Vietnam), Zhu Rongji (Prime Minister of Burma), Gloria Macapagal-Arroyo (President of the Philippines), Goh Chok Tong (Prime Minister of Singapore), Thaksin Shinawatra (Prime Minister of Thailand), Phan Văn Khải (Prime Minister of Vietnam), (Prime Minister of the State Council of the People`s Republic of China).   Negotiators of the 16-Nation Economic Partnership (RCEP) are in the Thai capital this week to try to conclude the world`s largest free trade area with a third of the world`s gross domestic product. “This is a significant year with global trade disputes and uncertainties, and no one wants to lose,” Auramon said. Within the framework of regional cooperation, Thailand and China agreed to encourage the private sector to make the most of the ASEAN-China Free Trade Agreement and to establish links with the Pan-Perl River Delta, Guangdong-Hong Kong-Macao Greater Bay Area, Mekong-Lancang cooperation, Greater Mekong subregion and Ayeyawady-Chao Phraya Mekong economic cooperation strategy. In the financial field, Thailand and China agreed to promote the use of the baht and yuan in bilateral transactions for trade and investment and promote fintech. The amendments to the free trade area framework mainly concerned Vietnam. These changes should help Vietnam to reduce tariffs and set deadlines as guidelines.  After the first six signatories reached their target by 2010, the CLMV countries (Cambodia, Laos, Myanmar, Vietnam) adopted the same customs policy with the same objective to be achieved by 2015.  In 2010, the ASEAN-China Free Trade Area became the People`s Free Trade Area and the third largest free trade area in terms of nominal GDP. It was also the third largest volume of trade after the European Economic Area and the North American Free Trade Area.   The ASEAN-China Free Trade Area (ACFTA) is a free trade area between the ten member states of the Association of Southeast Asian Nations (ASEAN) and the People`s Republic of China.
Rcep, first proposed by China, includes ASEAN member states and six Asia-Pacific countries: China, India, Japan, South Korea, Australia and New Zealand. ASEAN has existing free trade agreements with the six Asia-Pacific countries. Beijing: Thailand is pursuing plans to improve economic cooperation with China, on Wednesday approved the comprehensive framework for strengthening the trade and economic partnership between the two nations, and is working to double bilateral trade to $140 billion (4.59 trillion baht) by 2021. . . .