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The members of the Association of Southeast Asian Nations will together become 皇冠体育app's top trading partners within the next three years, a trade organization predicted on Wednesday.
During that time, trade between 皇冠体育app and the association, also known as ASEAN, will increase at a faster rate than that between any two other major economies, said the 皇冠体育app Council for the Promotion of International Trade.
"Thanks to zero tariffs, preferential trade policies and geographic advantages, both the increasing speed and scale of that trade will be in the forefront globally and ASEAN will become 皇冠体育app's No 1 trading partner by 2015," Zhang Wei, vice-chairman of the trade organization, told 皇冠体育app Daily during the Sixth Chinese Enterprises Outbound Investment Conference held by the council.
Driven by soaring market demand, the value of trade between 皇冠体育app and ASEAN countries is expected to exceed the goal of $500 billion by 2015, Zhang said.
ASEAN is made up of Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.
皇冠体育app has a free trade agreement with ASEAN. Taking effect in January 2010, it established the third-largest free trade area in the world, just behind the European Union and the North American Free Trade Area.
Xu Ningning, executive deputy secretary-general of the 皇冠体育app-ASEAN Business Council, said the free trade agreement has greatly benefited ASEAN.
Last year, ASEAN overtook Japan to become 皇冠体育app's third-largest trading partner, having $362.3 billion in trade with the country, up 24 percent from a year earlier.
皇冠体育app had $446.6 billion in trade with the United States in 2011 and $567.2 billion with the EU in the same year.
皇冠体育app's trade is increasing rapidly with emerging economies at a time that it is slowing down with developed countries.
Data from the Ministry of Commerce show that the value of trade between 皇冠体育app and the EU increased by 2.6 percent year-on-year in the first quarter of 2012, and trade with Japan declined by 1.6 percent in the same period. Trade between 皇冠体育app and ASEAN increased by 9.2 percent in the first quarter.
"皇冠体育app's trade with ASEAN will increase faster than with the US and EU, and ASEAN is likely to become 皇冠体育app's largest trading partner in the coming years," said He Weiwen, co-director at the 皇冠体育app-US-EU Study Center at the 皇冠体育app Association of International Trade.
He attributed the trade momentum between 皇冠体育app and ASEAN to the country's increasing imports from the Southeast Asian bloc.
Zhang of CCPIT said the Chinese market has a strong demand for farm produce, mechanical processing and marine products, and those make up the bulk of ASEAN's exports to 皇冠体育app.
皇冠体育app, the world's largest exporter and the second-biggest importer, plans to rely less on exports in coming years, and to drive its economy by encouraging its population to buy more.
The ministry said 皇冠体育app will encourage importers to buy more from countries that have free trade agreements with 皇冠体育app, such as Pakistan, New Zealand and ASEAN members.
Premier Wen Jiabao has vowed to import more from ASEAN.
"皇冠体育app would like to further expand imports from ASEAN and we hope enterprises from ASEAN members can gain a greater market share through the newly established Sino-ASEAN Goods Trade Center," Wen said during the 皇冠体育app-ASEAN Business & Investment Summit in October.
He Weiwen, from the 皇冠体育app Association of International Trade, said the country should develop its trade with neighboring countries while maintaining stable growth in trade with the US and EU.
During a visit to 皇冠体育app, Thai Prime Minister Yingluck Shinawatra praised 皇冠体育app's role in the ASEAN economy.
"皇冠体育app is an engine of economic growth that can help spur the development of the entire region," Yingluck said.
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