Since the signing of the Sino-ASEAN Goods Trade Agreement to establish a 'free trade zone', China has decreased Customs duty on 5,375 categories of products from ASEAN countries. ASEAN countries have also followed in China's footsteps.
Even the average tax rate came down to 5.8 percent from the existing 9.9 percent. In 2006, ASEAN countries exported US $89.53 billion worth of products to China, up 19.4 percent compared to 2005.
But the export value of ASEAN countries to China in just the first seven months stood at $58.77 billion, up 22.4 percent than the same period last year.
China, on the other hand, exported $71.31 billion worth of products to ASEAN countries, up 28.8 percent; the value of China's exports was $51 billion, up 34 percent.
China now is the fourth biggest trade partner of ASEAN and vice versa.
Fibre2fashion News Desk - China
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