Vice-Premier Zeng Peiyan yesterday pushed for an early
conclusion of talks on a China-ASEAN (Association of Southeast
Asian Nations) free trade area investment agreement to expand
mutual investment.
"The two sides should continue stepping up dialogue on
investment policies and work for an early conclusion of talks on an
FTA investment agreement," Zeng said in his keynote speech
delivered at the opening of the Fourth China-ASEAN Business and
Investment Summit in the capital of the Guangxi Zhuang Autonomous
Region.
He also urged the building of a service platform to support
enterprises of both sides, especially small- and medium-sized
firms.
"The Chinese side will increase investment in ASEAN countries,
which are the major target areas for enterprises to conduct
overseas operations," said Zeng.
The efforts include the establishment of several trade and
economic cooperation zones in ASEAN countries to help Chinese
enterprises enter the region, he added.
In July, the first round of the China-ASEAN service trade
agreements came into effect, two years after the commodity trade
agreements in 2005. It is believed that there will be another two
rounds of service trade agreements and ongoing talks on investments
before 2010, the deadline China and ASEAN have set for the FTA.
The past five years have witnessed remarkable growth in
China-ASEAN economic relations.
Since the Framework Agreement on Comprehensive Economic
Cooperation was signed in November 2002 - the starting point of the
FTA - bilateral trade has increased by over 190 percent, reaching
$160.8 billion in 2006.
ASEAN is currently China's fourth largest trade partner, and
vice versa. The volume is expected to reach $200 billion in 2008,
two years ahead of the target set by the two sides.
"China and ASEAN could be strategically important partners as
they are culturally similar and economically complementary," said
Zeng.
Under the commodity trade agreements, tariffs on about 7,000
commodities will be reduced by 2010, and China and ASEAN have
respectively opened five and 26 industries to each other in the
service sector.
"We could firstly focus on 10 selected areas, including
agriculture, telecommunications, tourism, energy, human resources,
and transportation," said Zeng.
He also tried to reassure ASEAN nations about the quality of
Chinese food products.
The Nanning Joint Declaration, which aims to strengthen
communications in quality-related issues, is scheduled to be issued
today.
(China Daily October 29, 2007)