China-Asean Expo drives more regional trade deals

NANNING, China — The China-Asean Expo (CAexpo) should remain a significant force in promoting the enhancement of the free trade agreement between China and Southeast Asian countries including the Philippines.

Wang Lei, secretary-general of the CAexpo, said during the closing ceremony the annual expo would be continuously improved in line with the ongoing upgrade of the ChinaAsean (Association of Southeast Asian nations) free trade agreement (FTA).

“As you all know, the ChinaAsean Expo grows with the ChinaAsean FTA. As of now, we are talking about a lot of efforts to upgrade the China-Asean FTA so immense measures should also be made to upgrade the China-Asean Expo,” Wang said in Chinese.

The China-Asean FTA, which came into force in 2010, cuts tariff on about 90 percent of commodities traded in the region. The nations have been in negotiations since last year to upgrade the existing pact.

Data from the National Bureau of Statistics of China showed goods traded between China and the Asean member countries last year reached $6.8376 trillion, equivalent to about 18 percent of the world’s total traded goods.

“To upgrade the driving force provided by the China-Asean Expo in boosting cooperation in other relevant fields, the expo has also adopted a lot of efforts. For this year, our focus of attention has been shifted to increase both the economic and trade outcomes of the ChinaAsean expo inside as well as outside the exhibition halls,” Wang said.

“We have allowed the 12th ChinaAsean Expo to play a more leading role and driving force in promoting activities in China and Asean on industrial cooperation, cross-border financing cooperation, allocation of resources, market building, and people to people exchanges,” he said.