China-ASEAN trade may reach $200b<\/p>\n
The Jakarta Post, Jakarta<\/p>\n
Two-way trade between China and the Association of Southeast
\nAsian Nations (ASEAN) is expected to nearly double to US$200
\nbillion in the next five years.<\/p>\n
China's President Hu Jintao said on Tuesday at a banquet held
\nin his honor by the Indonesian Chamber of Commerce and Industry
\n(Kadin)'s China Committee (KIKT), that due to the China-ASEAN
\nfree trade agreement, that will take full effect in 2010, China
\nhad \"full confidence in materializing the goal\".<\/p>\n
The agreement aims at pushing down customs duty between both
\nsides, which has a combined population base of over 1.7 billion,
\nto a maximum of 5 percent and removing all investment barriers.<\/p>\n
Last year, trade between China and ASEAN grew by 30 percent to
\n$105.9 billion, maintaining ASEAN's position as China's fifth
\nlargest trading partner after the United States, Hong Kong, Japan
\nand the European Union.<\/p>\n
Hu also said that China's \"sustained economic and social
\ndevelopment\" -- evidenced by last year's Gross Domestic Product
\ngrowth of 9.5 percent -- would benefit all countries in the
\nworld.<\/p>\n
\"The rapid growth of China's economy has presented new
\nopportunities ... especially for our neighbors,\" he said to the
\napplause of over 600 businessmen in attendance.<\/p>\n
Hu said China's 55-years of diplomatic relations with
\nIndonesia had entered a \"new phase of fast, sound and steady
\nprogress\" that benefited the \"peace, stability and prosperity of
\nthe region and the world at large.\"<\/p>\n
Diplomatic ties with China were frozen in 1967 in the
\naftermath of the 1965 attempted coup that was blamed on the
\nIndonesian Communist Party (PKI). Since the normalization of ties
\nin 1990, trade between China and Indonesia had increased 12 fold
\nfrom $1.1 billion in 1990 to $13.48 billion in 2004.<\/p>\n
The 2004 trade balance between China and Indonesia, almost
\nmatching the $13.5 billion export-import flow with the United
\nStates, represented a 31 percent growth from 2003's $10.24
\nbillion. Kadin expects two-way trade with China to reach $15
\nbillion this year and $20 billion in 2006.<\/p>\n
Hu said the increased prosperity of China's population, which
\nhas had a per capita GDP of over $1,000 since 2003, allowed
\n\"millions of Chinese citizens\" to travel to ASEAN as both
\ntourists and potential investors.<\/p>\n
\"An increasing number of Chinese enterprises look to ASEAN
\ncountries as favored destinations for investment,\" said Hu,
\nadding that China's investment in the Indonesian energy sector
\nalone had reached $1.2 billion.<\/p>\n
According to data from the Indonesian Investment Coordinating
\nBoard, total Chinese investment in Indonesia for the five year
\nperiod ending in 2004 reached $6.5 billion.<\/p>\n
Coordinating Minister for the Economy Aburizal Bakrie said
\nthat a group of Chinese businessmen had committed to invest $10
\nbillion in Indonesia in the near future.<\/p>\n
\"The planned investments will be in toll roads, electricity,
\noil palm plantations and the energy sector,\" he said.<\/p>\n
Head of KIKT Kiki Barki said that relations with China these
\ndays were extremely important. \"They have all the money now,\" he
\nsaid. \"If we can, we'd rope them over here to Indonesia to
\ninvest.\" (002)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/china-asean-trade-may-reach-200b-1447893297",
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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