News

Conference strengthens cooperation in commerce

By Hao Nan (China Daily)
Updated: 2010-09-18 08:09

The first China-ASEAN Industrial Cooperation Conference held yesterday in Kunming attracted some 200 government officials, entrepreneurs and trade association representatives as well as delegates from ASEAN nations' embassies in China.

Trade associations participating are from a wide range of sectors including textiles, machinery, construction materials, minerals, tobacco and food.

"The conference will shed more light on business cooperation between countries and bolster development of the China-ASEAN Free Trade Area (CAFTA)," said Qiu He, Party chief of the Kunming city committee.

CAFTA, which took effect on January 1, provides more open markets and enhances Kunming's role as a business hub in the region, Qiu said.

Ninety percent of products traded between China and the six original members of ASEAN are free from tariffs, which drops China's average tariff rate on ASEAN trade to 0.1 percent, far below the 9.8 percent average in foreign trade.

In 2015, 90 percent of products traded between China and Vietnam, Laos, Cambodia and Myanmar will also enjoy zero tariffs.

Kunming's trade with ASEAN increased sharply in recent years, rising 24.2 percent in 2009 despite the global economic crisis.

Trade volume reached $1.2 billion in the first seven months of this year, up 60 percent from the same period a year earlier.

Bilateral investment is also booming. Investment from Kunming in the ASEAN region has now surpassed $60 million while ASEAN investors have poured more than $30 million in the provincial capital.

Bordering Southeast Asia, the frontier province has traditionally close ties with its neighbors. The provincial capital Kunming is now at the center of increasing regional cooperation.

"Our city is forging ahead with building the China-ASEAN Free Trade Area," said Ruan Fengbin, vice-mayor of the host city, adding that local authorities are stepping up reforms and opening-up to create a better environment.

(China Daily 09/18/2010 page8)