皇冠体育app

皇冠体育app said on Thursday its trade with the Association of Southeast Asian Nations (ASEAN) has soared 21.6 percent over the past year as a result of reduced tariffs under their free trade deals.

Chong Quan, a spokesperson with the Ministry of Commerce, did not give the actual trade volume between 皇冠体育app and ASEAN, saying only the arrangements further facilitate the economic and trade ties between 皇冠体育app and ASEAN.

The total trade volume between 皇冠体育app and ASEAN hit a record high of 130.4 billion dollars last year.

皇冠体育app and the 10 members of ASEAN signed historic trade pacts last November to pave the way for the world's biggest free-trade zone by 2010, covering nearly two billion people.

In an interview with the press on the first anniversary of the arrangements, Chong said he expects the trade volume to increase rapidly over the coming years as further integration of their markets will facilitate investment.

He said enterprises in 皇冠体育app and ASEAN would benefit from lower costs for raw materials while consumers will benefit from more choices of goods at lower prices.

Last July, 皇冠体育app cut its average tariffs from 9.9 percent to 8.1 percent and the tariff reduction will accelerate after 2007, he said.

By 2010, 皇冠体育app will have lifted tariffs on 93 percent of goods from ASEAN, which would lift tariffs on 90 percent of goods from 皇冠体育app.

ASEAN comprises Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.

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