Joint move to spur trade
Asean and China agreed yesterday to set up a central agency to promote trade since Asean goods face import obstacles.
With a central agency, Asean merchandise will gain more access to the Chinese market. It will also facilitate information exchange on import-export regulations, which will directly benefit agricultural and industrial goods the most and also ensure operating transparency.
The initiative came out of the Asean Economic Ministers Meeting (AEM) being held in Siem Reap, Cambodia, until tomorrow. Commerce Minister Boonsong Teriyaphirom said Asean and China also agreed to review the rules of origin to encourage the products of the two sides to apply for more tax and other privileges under their free-trade agreement. The AEM decided to conduct a roadshow in China. The details will be considered later.
The meeting broadly considered the accession of Hong Kong to the Asean-China FTA. A study showed that both sides would enjoy smoother trade, investment and services, but Singapore, the Philippines, Vietnam and Thailand jointly pointed out that their financial and insurance industries would be threatened as Hong Kong has higher operating efficiency.
Asean will return to this issue during its leaders’ summit in Phnom Penh this November.
Two-way trade under the FTA grew 9.76 per cent to US$187.45 billion (Bt5.883 trillion) in the first half and is targeted to reach $500 billion in a few years.
