China-Asean trade soars 25pc in first half of 2005
Afp, Vientiane
Bilateral trade between China and the 10-nation Asean block soared 25 percent to $59.76 billion in the first half of 2005 amid ongoing reductions in tariffs, officials said Friday. The figures, released on the sidelines of an economic ministers conference held here by the Association of South East Asian Nations (Asean), followed direct foreign investment by China into Asean of $226 million in 2004. "The ministers were pleased to note the phenomenal growth in Asean-China bilateral trade since both sides agreed to establish the Asean-China Free Trade Area in 2002," they said in a statement. Asean groups Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam, and is aiming to create a fully integrated economic community by 2020. Asean, which recently became China's fourth largest trading partner, has struck an accord with China aimed at reducing tariffs to between zero and five percent on certain types of goods. The accord will apply to the most advanced six Asean economies by 2010 and become effective for its least developed members -- Laos, Vietnam, Cambodia and Myanmar -- by 2015.
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