Building China-ASEAN FTA to raise competitiveness
Building the China-ASEAN Free Trade
Area (FTA) solidifies the cooperation between the two sides,
complementing each other with materials and technology, and raising the
competitiveness of regional products on the world market.
Building the China-ASEAN Free Trade
Area (FTA) solidifies the cooperation between the two sides,
complementing each other with materials and technology, and raising the
competitiveness of regional products on the world market, a
high-ranking trade official has said.
Secretary General of the China-ASEAN Business Council Xu Ningning made the statement at the opening of the Fourth China-ASEAN FTA Forum in Yantai in China ’s Shandong province on July 28.
Cooperation is the optimal model for the development of both China and the Association of Southeast Asian Nations (ASEAN) in the context of the global economic downturn, Xu added.
The participants agreed that it is in their mutual best interests to promote the FTA process to restore the regional economy for the benefit of consumers and enterprise on both sides.
Zhang Kening, the acting director general of the Department of International Trade and Economic Affairs of China’s Ministry of Commerce, asked China ’s and ASEAN’s relevant ministries and agencies to help enterprises to take full advantage of the FTA’s preferential policies to fuel development.
A representative from the Myanmar Ministry of National Planning and Economic Development said that the FTA will not only create an expanded market for both sides but also help bridge the development gap among ASEAN members.
When the China-ASEAN FTA takes effect on Feb. 1, 2010, tariffs on over 90 percent of products sold between China and ASEAN will be reduced to zero.
The average tariff rate on two-way trade between ASEAN and China has already been reduced to 2.4 percent this year.
Despite the global financial crisis, bilateral trade between China and ASEAN stood at 231.1 billion USD in 2008./.
Secretary General of the China-ASEAN Business Council Xu Ningning made the statement at the opening of the Fourth China-ASEAN FTA Forum in Yantai in China ’s Shandong province on July 28.
Cooperation is the optimal model for the development of both China and the Association of Southeast Asian Nations (ASEAN) in the context of the global economic downturn, Xu added.
The participants agreed that it is in their mutual best interests to promote the FTA process to restore the regional economy for the benefit of consumers and enterprise on both sides.
Zhang Kening, the acting director general of the Department of International Trade and Economic Affairs of China’s Ministry of Commerce, asked China ’s and ASEAN’s relevant ministries and agencies to help enterprises to take full advantage of the FTA’s preferential policies to fuel development.
A representative from the Myanmar Ministry of National Planning and Economic Development said that the FTA will not only create an expanded market for both sides but also help bridge the development gap among ASEAN members.
When the China-ASEAN FTA takes effect on Feb. 1, 2010, tariffs on over 90 percent of products sold between China and ASEAN will be reduced to zero.
The average tariff rate on two-way trade between ASEAN and China has already been reduced to 2.4 percent this year.
Despite the global financial crisis, bilateral trade between China and ASEAN stood at 231.1 billion USD in 2008./.
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