Effect of China-ASEAN Free Trade Area turning protruding

15:23, March 30, 2010      

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Sino-Vietnamese trade has grown rapidly with a strong momentum, and bilateral trade reached 2.15 billion US dollars in January, up 30.6 percent on the same period last year; Thailand's exports to China rose by 84.4 percent in the first two months this year and China replaced the United States as the biggest export market for Thailand; China-made shoes did not flood the Indonesian market and, on the contrary, Indonesia's footwear industry brought in huge investment from overseas.

All these phenomena epitomize feats resultant from the China-ASEAN Free Trade Area (FTA) over the past three months upon its founding on January 1st this year. China's trade and economic cooperation with ASEAN member nations has turned more brisk, not only bilateral trade scored a rapid growth but also people in the region obtained immense benefits.

Of late, ASEAN Secretary General Dr. Surin Pitsuwan, who had just paid a visit to China, said in a press release issued by the Secretariat once again that “the China-ASEAN Free Trade Area (FTA) should benefit both sides.”Apart from that, Dr. Surin also said that the ASEAN-China FTA will pave the way for more efforts to build the community in ASEAN.

Vietnam-China bilateral trade volume is expected to attain the goal of 25 billion dollars by the end of 2010, a rise of 20 percent over 2009. Relevant Vietnamese official figures indicate that bilateral trade in January amounted to 2.15 billion dollars, up 30.6 percent over the same period last year. In addition, the exchange of personnel between the two close neighbors has also become more frequent. The number of Chinese tourists going to Vietnam reached 137,500 in January and February 2010, or approximately 90 percent more than in the same period in 2009.

Currently, there are nearly 2,000 China-funded firms in Vietnam engaged in trade and investment, project contracting and other businesses, according to Hu Suojin, a commercial counselor of the Chinese embassy in Vietnam, and more Vietnamese enterprises have paid more heeds to the Chinese market and look to China for more business opportunities and the purchase of equipment and raw materials.

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