China to Apply Zero Tariff to 4,721 Kinds of Commodities from Bangladesh

On June 10, 2010, Director General of the Department of Asian Affairs, the Ministry of Commerce of China (MOFCOM), Mr. Lu Kejian said at a press conference of MOFCOM, from July 1, 2010, China will apply zero tariff to 4,721 kinds of commodities from Bangladesh within the framework of Asia-Pacific Trade Agreement.

As per his prospection, in 2010, the total value in the bilateral trade between China and India, China's biggest trade partner in South Asia, is hopefully to reach or approach USD 60 billion.

According to Mr. Lu Kejian, the basis for economic and trade cooperation between China and Asia emerged from the financial crisis will be more solid. The actual investment amount in China by Asian countries and regions accounts for nearly 70% of China's total disbursement of foreign capital. In 2009, China surpassed the U.S. into the largest export market of Japan for the first time. Also in the same year, China surpassed Singapore, the U.S., and Japan into the largest trade partner of Malaysia.
In regional cooperation, he said, the industry-academia-government research on the Free Trade Area (FTA) between China and R.O.Korea has completed, and the two sides are pushing for a negotiation between the governments in the latter half of this year or in the first half of next year. Besides, the industry-academia-government joint research on the Free Trade Area (FTA) between China, Japan and R.O.Korea was officially launched in early May 2010, and the three sides are working hard to complete the research before the leaders' meeting of the three countries in 2012.