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PrintTrade between China and South Asian countries soared in 2008 and China has been very active in expanding its trade with South Asian countries, Chen Jian, vice minister of Chinese Ministry of Commerce said at the 2nd South Asia Countries Commodity Fair Press Conference on April 10.
According to Chen, in 2008 trade between China and the seven countries in South Asia (Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka) totaled 66.1 billion U.S. dollars, which is an increase of nearly 12 times compared to 2000.
In the same year new project contracts signed by the two sides reached a record 17 billion U.S. dollars. In the second half of 2008, the Chinese government organized a delegation to South Asian countries with a purchasing amount of 400 million U.S. dollars, and China will continue to organize similar delegations.
However, since the outbreak of the international financial crisis, China and South Asian countries have been affected, facing a sharp export drop, economic slowdown, enterprise shutdown and other difficulties.
Given that, China has adopted a series of measures to expand its trade cooperation with South Asian countries.
First, China reduces tariffs for imports from South Asia.
Second, China has further enhanced the level of trade facilitation, including removal of automatic import license administration of natural rubber as well as some mechanical and electrical products, and improving the efficiency of customs clearance.
Third, China has expanded its imports from South Asia, encouraging South Asian exhibitors to China to promote their products.
Fourth, China is speeding up regional economic cooperation and regional economic integration process. China and Pakistan have signed a comprehensive free trade agreement, and China has completed a feasibility study on free trade with India. –People’s Daily Online
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