ASEAN, China to reduce commodity tariffs
The Chinese Ministry of Commerce announced that China and the Association of Southeast Asian Nations (ASEAN) would lower tariffs on industrial goods as from July 20, 2005. Last November, the two parties had reached agreement on reducing the tariffs of more than 7'000 commodities. The aim of the gradual reduction in tariffs is to set a free trade agreement in the end. The parties are planning to establish a complete free trade agreement by 2010.