China-ASEAN trade expected to top 100 billion USD this year

Trade between China and ASEAN is expected to top 100 billion USD this year, said Vice Commerce Minister An Min in an interview with Xinhua in Beijing on October 21.

An recalled that in the China-ASEAN summit last year, Chinese Premier Wen Jiabao proposed the vision of 100 billion USD of bilateral trade in 2005. The current situation forecasts earlier fulfillment of the goal this year.

Data made public by the Ministry of Commerce of China shows that trade volume between China and ASEAN soared at a pace of 20 percent a year on average since 1990. A historic record was set in 2003 when the trade between the two sides valued 78.2 billion USD, 90 times as much as that in 1978.

Since 1990, ASEAN has been China's fifth largest trade partner in the world and the biggest one out of the developing world.

The first nine months of this year witnessed a jump of 35.6 percent over the same period of last year for the bilateral trade which reached 75.4 billion USD.

"With the sustainable development of the bilateral trade and economic relationship and the establishment of the proposed free trade zone between China and ASEAN, the two sides will welcome the advent of a new era for their comprehensive cooperation on trade and economy on the basis of mutual benefit and win-win situation. Given this, the prospect of the cooperation will be even more promising than ever,"An concluded.

By People's Daily Online



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