The Association of Southeast Asian Nations (ASEAN) has turned out to be China's fourth largest trade partner with trade volume between the two sides topping US$27.5 billion in the first quarter of this year, up 25 percent year-on-year.
China and ASEAN have huge potential for cooperation due to the strong complementarity in resource and industry structures as well as in exports and imports, said Lu Kejian, deputy director of the Asia Department of the Chinese Ministry of Commerce.
In 2004, trade volume between China and ASEAN reached a record high of US$105.9 billion, up 35 percent over the previous year, realizing the target of exceeding US$100 billion one year ahead of the plan set by the two sides, the official said.
Presently, the construction of the China-ASEAN Free Trade Area has entered a substantial stage and more than 7,000 commodities will witness sharp reductions of tariff as of July 1 this year, the official said.
(Xinhua News Agency May 5, 2005)
