FTA with ASEAN to boost trade globally
By Wang Yanlin |
January 1, 2010, Friday
|
Print Edition
Print Edition
THE full implementation of the China-ASEAN Free Trade Area agreement, which comes into force today, will facilitate a recovery in global trade and serve as a counterbalance against growing protectionism, analysts said.
"The agreement will boost regional trade and enhance cooperation, in fields 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 global economic climate, the China-ASEAN FTA will give a big boost to Chinese trade as well as global trade, and promote economic integration in the region," Zhang said.
According to the Ministry of Commerce, the FTA scraps tariffs on about 90 percent of goods traded between China and the six more mature economies in the Association of Southeast Asian Nations - Brunei, the Philippines, Indonesia, Malaysia, Thailand and Singapore.
The tariffs will be abolished gradually for Vietnam, Laos, Cambodia and Myanmar by 2015.
The average tariffs between China and the 10-member ASEAN will be cut to 0.1 percent from the current level of 9.8 percent, while the FTA will improve the flow of funds, resources, technology and talents in the region.
"The FTA is going to make a big difference," said Zhang Kening, an official at the ministry. "It will be a win-win situation because the region has similar cultures, deep friendship, and we aspire for faster economic growth."
China's trade with ASEAN jumped to US$193 billion in 2008 from US$39 billion in 2000. While trade shrank last year amid the global economic slump, that between China and ASEAN slowed less, compared with Chinese trade with other countries and regions, Zhang pointed out.
"The agreement will boost regional trade and enhance cooperation, in fields 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 global economic climate, the China-ASEAN FTA will give a big boost to Chinese trade as well as global trade, and promote economic integration in the region," Zhang said.
According to the Ministry of Commerce, the FTA scraps tariffs on about 90 percent of goods traded between China and the six more mature economies in the Association of Southeast Asian Nations - Brunei, the Philippines, Indonesia, Malaysia, Thailand and Singapore.
The tariffs will be abolished gradually for Vietnam, Laos, Cambodia and Myanmar by 2015.
The average tariffs between China and the 10-member ASEAN will be cut to 0.1 percent from the current level of 9.8 percent, while the FTA will improve the flow of funds, resources, technology and talents in the region.
"The FTA is going to make a big difference," said Zhang Kening, an official at the ministry. "It will be a win-win situation because the region has similar cultures, deep friendship, and we aspire for faster economic growth."
China's trade with ASEAN jumped to US$193 billion in 2008 from US$39 billion in 2000. While trade shrank last year amid the global economic slump, that between China and ASEAN slowed less, compared with Chinese trade with other countries and regions, Zhang pointed out.
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