Tariff Reductions Benefit China-ASEAN Trade
The concept of a China-ASEAN Free Trade Area, first raised by the former Chinese Premier Zhu Rongji during the 4th China-ASEAN "10+1" meeting, has been heralded as bringing valuable new opportunities to businesses operating throughout the China-ASEAN region.
China and ASEAN members have been working towards a tariff-free zone since July 2005. From 1 January 2010, China and six ASEAN member nations – Brunei, Indonesia, Malaysia, the Philippines, Singapore and Thailand – have imposed zero tariffs on most normal products, while China and the other four newer ASEAN members – Cambodia, Laos, Myanmar and Vietnam – will do the same in 2015.
This breaking down of tariffs will bring benefits to manufacturing, import and export businesses engaged in producing, buying and selling these many different products throughout the China-ASEAN region. This in turn is anticipated to have a positive impact on business conducted at Hong Kong Trade Development Council trade fairs, in which many Chinese mainland and ASEAN exhibitors and buyers participate.
