asean china fta 12jun2

Story Filed: Saturday, June 08, 2002 9:36 AM EST

KUNMING, Jun 8, 2002 (Xinhua via COMTEX) -- The proposed China-ASEAN free trade region will have a "win-win" result for both sides, said Chinese and ASEAN officials at a seminar on bilateral trade, investment and development cooperation which closed here Friday.

Somchit Inthamith, an official with the Lao foreign ministry, said it was natural for ASEAN to establish a closer economic and trade relation with China, one of the fastest growing economies in the world.

With a population of 1.7 billion, the proposed free trade zone would be the biggest in the world and provide a solid foundation for economic growth and stability of ASEAN countries, he said.

Chana Kanaratanadilok, an official with the Thai trade ministry, said the free trade zone would enhance and expand bilateral trade, investment and co-operation in other fields.

John Wang, an academic from Singapore, said the free trade zone would offer an effective means for ASEAN countries to expand their resources and markets.

There was potential to expand bilateral trade if China and ASEAN could find ways to turn their respective advantages into complementary factors, he said.

Such complementary factors could be found in the export products of the two sides, according to Chen Hangao, a trade official from Yunnan Province in southwest China.

For example, Chinese light industry products, electrical appliances, textiles and machinery products were needed by ASEAN countries, while there was a strong demand in China for timber, mineral resources and farm products from ASEAN countries.

The seminar was jointly sponsored by Chinese Ministry of Foreign Trade and Economic Co-operation and the provincial government of Yunnan.