China, ASEAN trade solid against financial crisis

Last Updated: Tuesday, October 20, 2009 - 12:03

Nanning: Trade volume is said to grow
between China and the 10 ASEAN countries with the "blooming"
of financial services between the two parties and a free trade
agreement, a Chinese official said.

On the eve of the 6th annual China-ASEAN Expo to be held
in southern China`s Guangxi Zhuang Autonomous Region, Nong
Rong, vice secretary general of the Expo, told reporters that
China and the Association of Southeast Asian Nations will
become each other`s third-biggest trading partner soon.
"In recent years, the number of goods traded tariff-free
between China and ASEAN has been increasing and the trade
volume growth has stayed at around 20 to 30 percent," Nong
said.

"Currently, we are each other`s fourth trading partner
and we expect an upward movement very soon. The free trade
zone that comes into effect next year will also help boost the
figure," he said.

But he declined to give any estimates.

The bilateral trade volume grew from USD 100 billion in
2004 to USD 231 billion last year, according to official
figures.
The China-ASEAN Free Trade Agreement, effective in
January and covering 30 per cent of the global population, is
expected to boost the bilateral trade growth with an
additional trade volume of USD 106 billion by lifting tariffs
on most commodities.

Bureau Report



First Published: Tuesday, October 20, 2009 - 12:03

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