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People's Daily Online>>China Business

ASEAN, China to become top trade partners

By Bao Chang (China Daily)

13:52, April 20, 2012

The members of the Association of Southeast Asian Nations will together become China's top trading partners within the next three years, a trade organization predicted on Wednesday.

During that time, trade between China and the association, also known as ASEAN, will increase at a faster rate than that between any two other major economies, said the China Council for the Promotion of International Trade.

"Thanks to zero tariffs, preferential trade policies and geographic advantages, both the increasing speed and scale of that trade will be in the forefront globally and ASEAN will become China's No 1 trading partner by 2015," Zhang Wei, vice-chairman of the trade organization, told China Daily during the Sixth Chinese Enterprises Outbound Investment Conference held by the council.

Driven by soaring market demand, the value of trade between China and ASEAN countries is expected to exceed the goal of $500 billion by 2015, Zhang said.

ASEAN is made up of Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.

China has a free trade agreement with ASEAN. Taking effect in January 2010, it established the third-largest free trade area in the world, just behind the European Union and the North American Free Trade Area.

Xu Ningning, executive deputy secretary-general of the China-ASEAN Business Council, said the free trade agreement has greatly benefited ASEAN.

Last year, ASEAN overtook Japan to become China's third-largest trading partner, having $362.3 billion in trade with the country, up 24 percent from a year earlier.

China had $446.6 billion in trade with the United States in 2011 and $567.2 billion with the EU in the same year.

China's trade is increasing rapidly with emerging economies at a time that it is slowing down with developed countries.

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ASEAN at 2012-04-20220.255.1.*
That is a good news. China should concentrate trade with developing and undevelop countries such as those in Russia, Africa and in South America. These are the countries that are sensible to trade issues. These are the countries that respect one another. Slowly your trade with USA should become so insignificant that they are not important at all to China"s development. You should work towards the goal. By then, you get rid of the your regular headache of pleasing US, which in the eyes of the world - a crying grow up baby.
helen at 2012-04-20175.136.85.*
Most Asean countries are more interested in economic co-operation and developments than military alignment. Where "americophiles" rule their countries, these elites are easily seduced by US Global Tyranny to the detriment of the welfare of their peoples. And then there are some which the Chinese term as "overturning the food plate" who are opportunistic in their foreign relations ... That China pursuing economic co-operation with most Asean countries is the correct policy and will prevail over those who opt for military mischiefs.....

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