| The theory of trade integration and the new institutional economics show that bilateral FTA is not only a kind of low-cost system arrangement, but also to bring comprehensive economic benefits. With the WTO multilateral trade negotiations going unsmooth and a lot of regional free trade plans not carrying out on schedule, many economies has quickly adjusted their foreign trade policy and mended its pace in developing bilateral FTA that is superior in negotiation ,establishment and fulfillment to improve their economic growth and achieve more strategic interest.After joining the WTO,China positively pushed forward the work of establishing bilateral FTAs to ride the new wave of regional economic cooperation in the world. Up to now,China has commenced bilateral FTA negotiations with 28 countries or areas and involved in 11 bilateral free trade arrangements. The total value of trade with above economies has covered 24.6 percent of our foreign trade according to the statistics of ministry commerce. With the construction of free trade areas going on, the economic cooperation between two parties will rise to a higher level. Development of bilateral FTA not only can help China keep rapid and stable income growth, but also can help China play an important role in improving foreign trade environment, promoting regional cooperation and hightenning its position in the multilateral trade negotiations at the WTO. But bilateral FTA is also a "two edged sword", we should take advantage of it efficiently and appropriately.To make full use of bilateral FTA, we must refer to and conclude the successful experience in other countries, then make our own bilateral FTA strategy which is on the basis of emphasizing east-asia integration and diversified market. As far as strategic measures are concerned, we should make every effort to strengthen the management of FTAs, further quicken the adjustment of industrial structure, fully improve competitive power of corporation in the market and etc. |
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