China and South East Asia create huge free trade zone

Telegraph
"A free trade zone spanning more than 1.9 billion people will come into life on January 1 as China and ten South East Asian countries join together to scrap tariffs. In another sign of Asia's ascendancy, and of its growing economic and political union, duties will be dropped on everything from steel to rubber and shoes to electronics.China hopes that the zone will quickly rival the European Economic Area and the North American Free Trade Area and provide new outlets for its goods in the face of Western protectionism."