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)
