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China & ASEAN to liberalize trade from January 2010

20
Aug '09
The ASEAN-China Free Trade Agreement (FTA) was signed in Bangkok on Saturday. An official from Zhejiang Long Li Xin Textile Co Ltd said that that he will go a business trip with two other colleagues to Indonesia, Malaysia, Thailand and other ASEAN member countries.

The China-ASEAN FTA will come in to effect from January 2010, from when Chinese textile products will be able to enter the ASEAN market under zero-tariff. The official says their purpose of this trip is to make a business study of the ASEAN market.

In accordance with the agreement between China and ASEAN, the two sides will open markets to each other from January 1 next year, trade tariffs of more than 90 percent of their products (about 7000 goods) will be reduced to zero rating.

Shaoxing Province has increased economic and trade exchanges with ASEAN since 2002 when China and ASEAN signed "China - ASEAN Framework Agreement on Comprehensive Economic Cooperation".

From 2002 to 2008, annual growth of trade volume averaged as high as 38.1 percent. ASEAN became the third largest trading partner for Shaoxing Province in 2008.

Shaoxing Custom's statistics reveal that Shaoxing's trade with ASEAN amounted to $860 million in the first seven months this year, of which exports reached $640 million. Shaoxing's exports to ASEAN are mainly machinery and electronic products, textiles and garments.

Statistics also show that Shaoxing's textile and apparel imports and exports to ASEAN registered US $450 million from January to July this year. The FTA will also mean that more products, particular to the ASEAN region will find their way in to the Chinese markets.

Fibre2fashion News Desk - India


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