'Diamond decade' ahead for China, ASEAN (2)

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'Diamond decade' ahead for China, ASEAN (2)

(China Daily) 09:25, September 04, 2013

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Thailand and its neighboring countries are highly dependent on China's demand.

Huo said the free trade agreement, carried out in 2010, can serve as a foundation for the two to enhance their ties.

The free trade area is the world's largest in terms of the population it covers, and the largest among developing countries.

The FTA has greatly boosted economic ties. In 2012, China was the largest trade partner for ASEAN, and the region was the third-largest trade partner for China.

Premier Li called for renewing and expanding the agreement, further lowering taxes, reducing non-tax barriers, launching a new round of talks over services and creating more convenience for bilateral trade and investment.

China is keen to sign "long-term agreements on agricultural trade" with ASEAN, and the nation will "actively expand imports of commodities that enjoy competitiveness in the Chinese market" from the region, Li said.

According to Dato Norhalim Yunus, chief executive officer of Malaysian Technology Development Corp, a government-run venture capital firm, the "upgraded version" of the partnership suggested that China-ASEAN trade is more likely to go beyond brick-and-mortar businesses and move to high-end sectors, including high-tech.

China will accelerate infrastructure projects covering roads, rails, water transportation, airlines, telecoms and energy, and implement and promote key projects, including launching construction of the Trans-Asian Railway, Li said.

As economic exchanges are enhanced, connectivity becomes an increasingly important issue, and China has helped ASEAN members build infrastructure and set up funds.

"Better connectivity between us can only be achieved through an intensified infrastructure buildup, removing hurdles for technology transfers and enhancing people-to-people contact," said Huang Hao, sales director of Guangxi Sacred New Energy.