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- Investors to cash in on new deals
Date: 15-Jan-2007 Sources: (People's Daily)
Thai investors will increase their presence in China's service market to cash in on upcoming services agreements between China and the ASEAN, Thai Ambassador to China Jullapong Nonsrichai told China Daily on Friday.
The Agreement on Trade in Services, part of the Framework Agreement on Comprehensive Economic Cooperation between the ASEAN and China, will be signed on Sunday at the 12th ASEAN summit in Cebu, the Philippines.
Part of the developing free trade agreement between the two sides, it will be implemented on July 1.
Jullapong expected the agreement to expand trade ties and create service opportunities between the ASEAN and China with a liberalization of the service sector beyond World Trade Organization commitments.
'Thai investors are interested in investing in China's service sector, in particular in areas such as restaurants, education, healthcare, spas, distribution of goods and tourism,' he said.
The ambassador said he also believes trade relations between Thailand and China will continue to deepen this year as both sides maximize the benefits of the Sino-ASEAN Trade in Goods Agreement and the ASEAN-China free trade agreement Early Harvest Program.
Customs figures show that trade between China and Thailand grew to $25.1 billion in the first 11 months of last year, up 28.1 per cent year-on-year.
Trade in farm products have benefited most from the trade pact. Thailand's agricultural product exports to China increased by 27.57 percent year-on-year in the first 10 months of last year while imports from China rose by 25.94 percent in the same period, according to Thai statistics.
The growth is believed to be the result of the elimination of tariffs on agricultural products at the beginning of last year.
Despite growth last year, Jullapong suggested there is still strong potential for further cooperation in many industries, including agricultural processing of rubber and cassava products, logistics, tourism, restaurants and construction. 'The governments of both countries need to support and facilitate business by both the private sector and state enterprises,' he said. 'In particular, joint efforts are needed to facilitate areas such as inspection and quarantine procedures at some Chinese ports.'
The target for goods trade volume between Thailand and China is $50 billion in 2010.
Jullapong said the full liberalization of the Early Harvest Program and the ASEAN-China Trade in Goods Agreement will help the nations meet the target.
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