The Association of Southeast Asian Nations (ASEAN) has turned
out to be China's fourth largest trade partner with trade volume
between the two sides topping US$27.5 billion in the first quarter
of this year, up 25 percent year-on-year.
China and ASEAN have huge potential for cooperation due to the
strong complementarity in resource and industry structures as well
as in exports and imports, said Lu Kejian, deputy director of the
Asia Department of the Chinese Ministry of
Commerce.
In 2004, trade volume between China and ASEAN reached a record
high of US$105.9 billion, up 35 percent over the previous year,
realizing the target of exceeding US$100 billion one year ahead of
the plan set by the two sides, the official said.
Presently, the construction of the China-ASEAN Free Trade Area
has entered a substantial stage and more than 7,000 commodities
will witness sharp reductions of tariff as of July 1 this year, the
official said.
(Xinhua News Agency May 5, 2005)