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7 August 2009

China-Asean trade pact to be completed on schedule

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The China-Asean (Association of Southeast Asian Nations) Free Trade Area would be completely operative in 2010 as scheduled, Xinhua news agency quoted a senior official from China’s Ministry of Commerce as saying.

"The free trade zone will cover a population of 1.9 billion and involve about $6 trillion in gross domestic product," Lu Kejian, director of the ministry's Department of Asian Affairs, said at the opening of the fourth Pan Beibu Gulf Economic Cooperation Forum in Nanning, capital of Guangxi Zhuang Autonomous Region in southern China.

The free trade area project was first brought up in 2002,and completion set down for next year.

Ma Biao, chairman of the Guangxi regional government, said at the two-day forum that the free trade area would be the world's largest by population.

Asean is China's fourth largest trade partner after the European Union, the United States and Japan. In 2008, bilateral trade between China and Asean totaled $231.1 billion, up 14 percent from 2007. But the first half of this year witnessed a 24 percent drop from the first half of 2008 to $88.1 billion because of the global economic downturn.

In April this year, the Chinese government proposed a fund of $10 billion and a loan of $15 billion to build infrastructure in the region over the next three to five years.



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