China's trade with ASEAN grows
(Xinhua)
Updated: 2006-07-21 13:42
China said on Thursday its trade with the Association of Southeast Asian
Nations (ASEAN) has soared 21.6 percent over the past year as a result of
reduced tariffs under their free trade deals.
Chong Quan, a spokesperson with the Ministry of Commerce, did not give the
actual trade volume between China and ASEAN, saying only the arrangements
further facilitate the economic and trade ties between China and ASEAN.
The total trade volume between China and ASEAN hit a record high of 130.4
billion dollars last year.
China and the 10 members of ASEAN signed historic trade pacts last November
to pave the way for the world's biggest free-trade zone by 2010, covering nearly
two billion people.
In an interview with the press on the first anniversary of the arrangements,
Chong said he expects the trade volume to increase rapidly over the coming years
as further integration of their markets will facilitate investment.
He said enterprises in China and ASEAN would benefit from lower costs for raw
materials while consumers will benefit from more choices of goods at lower
prices.
Last July, China cut its average tariffs from 9.9 percent to 8.1 percent and
the tariff reduction will accelerate after 2007, he said.
By 2010, China will have lifted tariffs on 93 percent of goods from ASEAN,
which would lift tariffs on 90 percent of goods from China.
ASEAN comprises Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the
Philippines, Singapore, Thailand and Vietnam.
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