ASEAN free-trade talks should conclude this year
Print Edition
CHINA expects to finish talks on the upgrading of free-trade terms with the Association of Southeast Asian Nations (ASEAN) before the end of the year, as part of its goal to boost bilateral trade to US$1 trillion by 2020, the Ministry of Commerce said yesterday.
Trade between the two sides in the first six months rose 1.6 percent year on year to US$224.4 billion, or about 12 percent of China’s total foreign trade, Vice Minister of Commerce Gao Yan told a news conference.
Free-trade talks between the two sides began last August.
China is ASEAN’s largest trading partner, while ASEAN is China’s third-largest, Gao said.
China is keen to promote the establishment of free-trade terms with ASEAN members, he said, adding that more than 60 percent of the country’s foreign investments since 2010 have been with the trade group.
The country will encourage more industrial and manufacturing equipment producers to open plants in ASEAN, he said.
Meanwhile, the 12th China-ASEAN Expo, which is scheduled to run from September 18 to 21, will seek to provide more business opportunities for both China and ASEAN countries, Gao said.
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