Chinanews, Nanning, July 27 – By 2010, more than 90% of trade goods between China and the ASEAN countries will be exempted from any tariff. Trade volume between China and ASEAN countries will exceed the 200-billion-US-dollar mark two years ahead of schedule, said Xu Ningning, deputy executive chairman of the China-ASEAN Business Council.

 

He made the statement while attending the 2007 Pan-Beibu Bay Economic Cooperation Forum.

 

In 2001, China kicked off the project of setting up a free trade zone between China and ASEAN countries, indicating that economic and trade cooperation between the two sides had entered into a new historical stage. In 2005, bilateral trade volume between China and ASEAN countries exceeded 100 billion US dollars. In 2006, it further hit 160.8 billion US dollars.

 

According to related development plan, by 2010, trade volume between China and ASEAN countries will reach 200 billion US dollars.

 

However, as trade cooperation between the two parties gets closer, by 2007 bilateral trade volume between China and ASEAN countries "will reach 190 billion US dollars and will further hit the 200-billion-US-dollar mark by 2008. This means Sino-ASEAN trade volume will hit its target two years ahead of schedule," said Xu.

 

By 2010, after the construction of Sino-ASEAN Free Trade Zone is basically completed, it will contain 1.8 billion consumers. It will produce about 2 trillion US dollars of GDP and its total trade volume will reach 1.2 trillion US dollars. By then, zero tariff will be applied to over 90% of the goods.