China allays fears of ASEAN nations over CAFTA
By Wang Bo and Ding Qingfen | China Daily | Updated: 2010-01-08 08:06
The China-ASEAN Free Trade Area (CAFTA) will not harm the interests of ASEAN nations, but rather spur bilateral trade between the two regions, said government officials and experts yesterday.
The CAFTA, which came into existence on Jan 1, would lead to reduced tariffs for nearly 7,000 products covering a wide range of sectors, they said.
During the past few months, ASEAN nations represented by Indonesia, had expressed concern that sectors like textiles and steel would be badly hit in their countries as CAFTA would give an edge to cheaper Chinese imports and also lead to job losses.
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