ASEAN members will benefit from lowering barriers to goods and services

MANILA: As today's global economy offers unparalleled opportunities for all countries across the world, continuing to expand trade by lowering barriers to goods and services is in the common interest of China and ASEAN countries.

Our concerted and unremitting efforts during the past decade are reaping fruits with the full establishment of the China-ASEAN Free Trade Area (CAFTA) on Jan 1 this year.

This means that more than 7,000 zero-tariff commodities could be traded among China and ASEAN countries. The removal of trade impediments will lower the costs of transactions, further increase China-ASEAN trade volume, and enhance economic efficiency. With market risk and uncertainties lowered, more investments would be generated from both Chinese and ASEAN companies into an integrated and rewarding market.