Chinese Firms Eye Developing Trade Prospects with ASEAN Nations

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Last updated at: (Beijing Time) Wednesday, October 30, 2002

Chinese Firms Eye Developing Trade Prospects with ASEAN Nations

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The picture is getting rosier for trade between China and the Association of Southeast Asian Nations (ASEAN) members, as shown by many participants from the ASEAN nations attending the ongoing 92nd China Export Commodity Fair held in this capital of south China's Guangdong province.

Chinese fair attendees witnessed a lot of opportunities in ASEAN markets, particularly against the backdrop of the upcoming framework agreement on the China-ASEAN Free-Trade Area due to be signed before the end of the year.

At a symposium held on ASEAN markets during the trade fair, Wu Zhenping, an official of the Ministry of Foreign Trade and Economic Cooperation, disclosed that the agreement on full-scale economic cooperation is scheduled for a China-ASEAN leaders' meeting in November in Cambodia.

If negotiations proceed well, the founding of the China-ASEAN Free-Trade Area will be kicked off in 2004, and within 10 years, free trade will eventually be realized across the board between China and ASEAN members.

Foreign trade experts believe that the impending establishment will boost trade between enterprises from both sides and help maintain growth in bilateral trade.

According to statistics, the trade between China and ASEAN members amounted to 33.2 billion US dollars in the first eight months of 2002, a year-on-year increase of 24.4 percent, a growth rate much higher than average for China's foreign trade during the same period.

Heru Alam Surya Wibo Wo from Indonesia, attending the trade fair, said Chinese products, especially household electrical appliances, machinery for farming and clothing, were well received in his country with their good quality and low prices. Currently, 60 percent of imports by his country were made in China.

According to a large number of Chinese firms participating in the fair, wonderful business opportunities have opened for them to launch production facilities in the ASEAN countries. Some Chinese participants have signed letters of intent with their ASEAN counterparts. Pamkevin Enterprises LTD from Vietnam reached an agreement with a machinery pllant based in Tianjin, north China, on opening a water meter production facility in Hanoi, capital of Vietnam.

Statistics show that China's investment in ASEAN countries have kept growing rapidly over the past few years. By the end of 2001, Chinese enterprises launched 740 projects in ASEAN nations, involving a combined investment of 1.09 billion US dollars, a 60 percent rise over the previous year.

The China Export Commodities Fair, called the Guangzhou Fair, or "Guang Jiao Hui" in Chinese, is the oldest and largest of its kind in China. It has been held twice annually, every April and October since 1957. The current fair is due to conclude Oct. 30.

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