Over the past 12 months trade with the Association of Southeast
Asian Nations (ASEAN) for China has taken off and risen by 21.6
percent as a result of reduced tariffs under the group's free trade
deals.
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Chong Quan, a spokesperson with the Ministry of Commerce didn't
give the actual trade volume between China and ASEAN saying only
that the arrangements further facilitate economic and trade ties
between China and ASEAN.
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The total trade volume between China and ASEAN hit a record high of
US$130.4 billion last year.
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China and the 10 members of ASEAN signed historic trade agreements
last November to pave the way for the world's biggest free-trade
zone by 2010 -- a customer base of approximately 2 billion
people.
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In a media interview on the first anniversary of the arrangements
Chong said he expected trade volume to increase rapidly over the
coming years as further integration of markets would facilitate
investment.
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He said enterprises in China and ASEAN would benefit from lower
costs for raw materials while consumers would benefit from a wider
choice of goods at lower prices. China cut its average tariffs from
9.9 percent to 8.1 percent last July and the tariff reduction would
accelerate after 2007, Chong said.
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By 2010 China will have lifted tariffs on 93 percent of goods from
ASEAN who in turn will lift tariffs on 90 percent of Chinese
goods.
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ASEAN comprises Brunei, Cambodia, Indonesia, Laos, Malaysia,
Myanmar, the Philippines, Singapore, Thailand and Vietnam.
(Xinhua News Agency July 21, 2006)