Home / Business / News Tools: Save | Print | E-mail | Most Read | Comment
China-ASEAN trade speeds up
Adjust font size:

China and the Association of Southeast Asian Nations (ASEAN) have seen fast growth in bilateral trade with the volume being expected to reach US$190 billion this year.

 

"The figure is expected to top US$200 billion in 2008, two years earlier than our expectation," said Zhang Xiaoqin, secretary general of China-ASEAN Expo Secretariat.

 

China and ASEAN are now each other's fourth largest trading partners. Zhang said that in the first eight months this year, the bilateral trade hit US$127.95 billion.

 

Meanwhile, China and the 10 ASEAN members are speeding up the tariff reduction to facilitate the establishment of China-ASEAN free trade zone.

 

China's average tariff on ASEAN countries' goods was slashed from 9.9 percent to 5.8 percent now and will continue to drop to 2.4 percent in 2009, and finally in 2010, which is the scheduled time for the establishment of the free trade zone, 93 percent of products from ASEAN countries will be tariff-free.

 

By 2010, China will establish free trade zone with Brunei, Indonesia, Malaysia, the Philippines, Singapore and Thailand, while Vietnam, Laos, Cambodia and Myanmar can enjoy five more years of transition.

 

Besides pushing the development of goods trade, China and ASEAN countries have also speed up cooperation and investment on service trade since the two sides signed the negotiation on service trade in January this year.

 

"China and ASEAN have entered a new stage in terms of economic cooperation and trade ties," said Zhang.

 

To boost bilateral economic and trade cooperation, China and ASEAN countries have held the annual China-ASEAN Expo (CAEXPO) in Nanning, capital of the southern Guangxi Zhuang Autonomous Region since 2004. The fourth CAEXPO is planned to open on Oct. 28 this year.

 

(Xinhua News Agency October 21, 2007)

 

Tools: Save | Print | E-mail | Most Read
Comment
Pet Name
Anonymous
China Archives
Related >>
- ASEAN+3, a Win-win Road for Integration of East Asia
- Tariffs Cut on 5,375 Commodities from ASEAN Countries
- ASEAN to Wrap up Trade Talks by 2013
- China-ASEAN Cooperation Enters Best Period in History
Most Viewed >>

Nov. 1-2 Tianjin World Shipping (China) Summit
Nov. 7-9 Guangzhou Recycling Metals International Forum
Nov. 27-28 Beijing China-EU Summit
Dec. 12-13 Beijing China-US Strategic Economic Dialogue

- Output of Major Industrial Products
- Investment by Various Sectors
- Foreign Direct Investment by Country or Region
- National Price Index
- Value of Major Commodity Import
- Money Supply
- Exchange Rate and Foreign Exchange Reserve
- What does the China-Pakistan Free Trade Agreement cover?
- How to Set up a Foreign Capital Enterprise in China?
- How Does the VAT Works in China?
- How Much RMB or Foreign Currency Can Be Physically Carried Out of or Into China?
- What Is the Electrical Fitting in China?