KUALA LUMPUR, Dec. 26 (Xinhua) -- The full implementation of China-ASEAN Free Trade Area (FTA) next year will accelerate economic development between China and Malaysia, a Chinese bank manager said here in an interview with Xinhua recently.
Zheng Jingbo, General Manager of the Bank of China (Malaysia), told Xinhua that trade tariff barriers between China and Malaysia, one of the ASEAN (Association of Southeast Asian Nations) member countries, will be eliminated following the full establishment of the FTA.
The FTA will bring business and trade between the two countries to a new height and also benefit the banking industry which serves as a bridge of economic promotion and trade development, he said.
Zheng said that the Bank of China (Malaysia) is committed to promoting trade activities actively between China and Malaysia by rendering value-added services.
Zheng also said that with the establishment of the China-ASEAN FTA, the room for the Chinese Renminbi Trade Settlement Service will be expanded.
China's Renminbi is relatively stable, Zheng said, adding that businessmen from both China and Malaysia are looking forward to settling their transactions in the currency because the cost-control is made easier.
He said the emergence of the Chinese Renminbi as a settlement choice in the Southeast Asian region will have positive impacts on China-Malaysia's trade.
Zheng also said that corporations from China will actively engage the relevant authorities in China to bring more investment, trade and other business opportunities in Malaysia.
Presently, more than 100 corporations from China have established operations in Malaysia.
Commenting on the prospectus future of the China-ASEAN FTA, Zheng believed that with trade and business procedures simplified,the bilateral trade between China and ASEAN will be accordingly boosted.
While China and Malaysia have been enjoying close trade relations, Zheng said that stakeholders from the two countries canachieve win-win situation.
The China-ASEAN FTA will be fully established on Jan. 1, 2010, which will become the largest free trade area in the world embracing developing countries.
The ASEAN groups Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.
Chinese motorcycle company operating in Vietnam eyes opportunities in China-ASEAN FTA
HANOI, Dec. 25 (Xinhua) -- In a motorcycle shop on the Tay Son Street in Vietnamese capital city of Hanoi, two young attendants were busy introducing motorcycles with the logo of Chinese brand Lifan to customers.
The motorcycles sold in this shop were all produced in an industrial zone in Hung Yen province thirty kilometers away from Hanoi. Eyeing the market opportunities in Vietnam, Chinese motorcycle company Lifan established a production base in Hung Yenseven years ago. It has now grown into an industrial zone comprising of 11 factories making motorcycle parts and assembling motorcycles. Full story
Malaysian Tourism Ministry bears deep hope in China-ASEAN FTA
KUALA LUMPUR, Dec. 25 (Xinhua) -- The Malaysian Tourism Ministry firmly believes that the full implementation of the China-ASEAN Free Trade Agreement (FTA) will benefit friends from China and ASEAN.
Malaysian Tourism Minister Ng Yen Yen told Xinhua here recently that she bore great expectations of the future and prospects of the free trade area. Full story
Interview: China-ASEAN FTA to make regional trade leap
KUALA LUMPUR, Dec. 24 (Xinhua) -- The establishment of China-ASEAN Free Trade Area (FTA) is expected to help the bilateral trade between the two sides grow by leaps and bounds, a leading Malaysian businessman said here recently.
The FTA will also promote the economic integration in the region to go forward rapidly, said Yong Ah Pwi, President of Malaysia-China Chamber of Commerce, in an interview with Xinhua. Full story
ASEAN-China Free Trade Area benefits both sides
HUA HIN, Thailand, Oct. 24 (Xinhua) -- The ASEAN-China Free Trade Area (ACFTA) that takes effect early next year is well on track, with great potentials to produce huge benefits to both sides.
During the on-gong 15th ASEAN Summit and Related Summits, ASEAN leaders said Saturday that the effective implementation of the major milestone in FTA brings ASEAN closer to the ASEAN Economic Community where free flow of goods is one of its major objectives. Full story
ASEAN looks forward to realization of ASEAN-China Free Trade Area
HUA HIN, Thailand, Oct. 24 (Xinhua) -- The 15th Association of Southeast Asian Nations Summit issued a Chairman's Statement Saturday, saying the bloc looked forward to the realization of the ASEAN-China Free Trade Area (ACFTA) on January 1, 2010.
"The leaders were pleased to note the progress in the implementation of the ASEAN-China Trade in Goods Agreement and looked forward to the realization of the ASEAN-China Free Trade Area (ACFTA) on January 1, 2010 when ASEAN 6 and China eliminates tariffs on products in their Normal Track," said the Statement. Full story
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