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China's FTA with ASEAN will boost trade
By Wang Yanlin |
December 31, 2009, Thursday
|
Online Edition
Online Edition
THE full China-ASEAN Free Trade Area agreement, which will come into force tomorrow, will facilitate a recovery in global trade, and serves as a counterattack against growing protectionism, analysts said.
"The agreement will boost regional trade and enhance cooperation, in respects like industry, investment and currency," said Zhang Monan, a researcher at the State Information Center under the State Council, China's Cabinet.
"Amid a rigid climate for the global economy, the China-ASEAN FTA will give a big boost to Chinese trade, and promote economic integration in the region."
Zhang said the implementation also showed China's commitment to free trade and its determination to combat protectionism.
According to the Ministry of Commerce, the agreement scrapped tariffs starting tomorrow on about 90 percent of goods traded between China and six former members of the Association of Southeast Asian Nations (Brunei, the Philippines, Indonesia, Malaysia, Thailand and Singapore).
For the other four members (Vietnam, Laos, Cambodia and Myanmar), tariffs will be dropped by 2015 for 90 percent of the goods.
The average tariffs between China and the 10-member ASEAN will be reduced to 0.1 percent from the current level of 9.8 percent, while flows of funds, resources, technology and talents will become easier in the region.
"The agreement will boost regional trade and enhance cooperation, in respects like industry, investment and currency," said Zhang Monan, a researcher at the State Information Center under the State Council, China's Cabinet.
"Amid a rigid climate for the global economy, the China-ASEAN FTA will give a big boost to Chinese trade, and promote economic integration in the region."
Zhang said the implementation also showed China's commitment to free trade and its determination to combat protectionism.
According to the Ministry of Commerce, the agreement scrapped tariffs starting tomorrow on about 90 percent of goods traded between China and six former members of the Association of Southeast Asian Nations (Brunei, the Philippines, Indonesia, Malaysia, Thailand and Singapore).
For the other four members (Vietnam, Laos, Cambodia and Myanmar), tariffs will be dropped by 2015 for 90 percent of the goods.
The average tariffs between China and the 10-member ASEAN will be reduced to 0.1 percent from the current level of 9.8 percent, while flows of funds, resources, technology and talents will become easier in the region.
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