A Framework Agreement on Comprehensive Economic Cooperation between ASEAN and
the People’s Republic of China (PRC) was signed in November 2002, two years after it was proposed by Chinese Premier Zhu Rongji at the 4th ASEAN Informal Summit.47 It entered
into force on 1 July 2003. Among its objectives are trade and investment cooperation, and
the creation of a more liberal and transparent investment regime (Article 1) which would
remove or lessen restrictions on foreign investment in both directions (from China to
ASEAN and vice versa), and make any approval procedures clear and public. The Preamble
states that, among other things, the agreement was made “[d]esiring to minimise barriers and
deepen economic linkages between the Parties…[and] increase intra-regional trade and
investment…and enhance the attractiveness of the Parties to capital and talent.”