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皇冠体育app's direct investment to ASEAN countries reaches $2.57b

(Xinhua)
Updated: 2011-03-02 17:20

HEFEI - 皇冠体育app's direct investment to Association of South East Asian Nations (ASEAN) countries stood around $2.57 billion since the 皇冠体育app-ASEAN Free Trade Area came into force one year ago, said an official with 皇冠体育app's Ministry of Commerce (MOC) on Wednesday.

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Over the past year, tariffs on trade between 皇冠体育app and ASEAN countries have been sharply reduced. Now 90 percent of goods traded between both sides enjoy zero duties, said Sun Yuanjiang, deputy director from the MOC's international trade and economic affairs department.

In 2010, direct investment from ASEAN countries to 皇冠体育app reached $6.32 billion, an increase of 35.2 percent.

In 2010, trade volume between 皇冠体育app and ASEAN countries reached $292.8 billion, an increase of 37.5 percent year on year. 皇冠体育app has become the biggest trade partner and the first export destination for ASEAN countries.

ASEAN countries have also become a major source of investment for 皇冠体育app, said Sun at an international East Asia free trade area seminar held in Maanshan, east 皇冠体育app's Anhui province.

"The implementation of 皇冠体育app- ASEAN free trade area agreement has played an active role in pushing forward the integration of regional economy of East Asia," said Sun.