China and ASEAN Trade Doubles, Reaches $400 Billion

Print Friendly, PDF & Email

The China-ASEAN Business Council has reported a record $400.9 billion in trade between China and the Association of Southeast Asian Nations (ASEAN) in 2012. This comes only 10 years after China signed an agreement with the Association–composed of Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam–with the intent to eventually eliminate taxes on imports and exports between participating countries.

“In 2013, the main task in further boosting bilateral trade is to strengthen communication and complementarity,” said the Council’s report. “Duty-free policies do not automatically translate into common economic growth.”

China’s recent growth was the focus of the report, which called for further measures (read: even less taxes) to deepen the economic superpower’s relationship with ASEAN countries. As recently as 2008, China was only ASEAN’s third-largest trading partner, exchanging $192 billion in goods. By 2011, China had surpassed both Japan and the EU, and by 2012, had more than doubled their trade with ASEAN–reaching over $400 billion.

On the heels of this success, China and the ASEAN have announced plans to establish “the biggest free trade market in the world”–this time with Japan, the Republic of Korea, India, Australia and New Zealand. Negotiations to solidify the Regional Comprehensive Economic Partnership, or RCEP, are expected to be completed in 2015.


Recent News

Financial Roundup: Abercrombie Comps up on Hollister; Gap Rides Athleta, Old Navy to Sales Gains

Abercrombie & Fitch continues to rely on Hollister gains, while positioning the Abercrombie brand for similar success. Gap sales up on Athleta, Old Navy performance.

This content is for Annual, Monthly and Limited members only. You can read up to five free articles each month with a Limited Level Subscription. Please log in, or register.
Log In Register
Read more

“Uncertainty” Over Trump Policies Makes Frenemies of Importers, Domestic Producers

The domestic textile industry and apparel importers have often been on opposite sides of U.S. trade issues, but in today’s political climate they seem to have found some common ground.

This content is for Annual, Monthly and Limited members only. You can read up to five free articles each month with a Limited Level Subscription. Please log in, or register.
Log In Register
Read more

Lord & Taylor Teaming With Walmart, a Desperate Last Gasp or a Brilliant Move Toward the Future?

While everyone’s been focused on the "retail apocalypse," the real story to emerge from 2017 might be the strange bedfellows that have emerged as everyone tries to plot a course forward. The recent partnership between Walmart and Lord & Taylor is the latest to get people talking.

This content is for Annual, Monthly and Limited members only. You can read up to five free articles each month with a Limited Level Subscription. Please log in, or register.
Log In Register
Read more