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China-ASEAN Free Trade Area hinges on progress in 2007

22
Feb '07
This year will be an important period for establishment of Sino-ASEAN Free Trade Area (FTA).

Couple of months back, Undersecretary of China Commerce Ministry, Gao Fuchen expressed hope to enter in 'Goods Trade Agreement' quickly to boost service and investment.

In 2005, ASEAN was the fifth biggest trade partner of China. During this period, bilateral trade volume surpassed US $130 billion.

Similarly, China is fourth biggest trade partner of ASEAN, which has invested $130 billion in domestic industry.

In first six months of 2006, local industries' investment to ASEAN reached $152 million.

This Sino-ASEAN FTA will be biggest free trade area in developing countries. It will significantly encourage the development of Asian and world economy.

Fibre2fashion.com News Desk-China


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