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President Hu Jintao said in Manila Wednesday that he is confident the total trade volume between China and the Association of Southeast Asian Nations (ASEAN) will almost double its current figure in five years time.
Hu predicted in a speech at a joint session of the Philippine parliament that before 2010, China and ASEAN trade will grow from US$105.9 billion last year to US$200 billion.
"With steady progress in the development of a China-ASEAN Free Trade Area (CAFTA), we have full confidence in meeting the target of US$200 billion in annual trade volume by 2010," said Hu.
China and ASEAN will begin to cut their tariffs from July 1 this year as a step to build the CAFTA. Hu said China hopes to expand cooperation with ASEAN nations in areas of agriculture, fishing, infrastructure construction, energy development and tourism.
China and ASEAN have decided to develop a strategic partnership for peace and development. Besides trade, Hu said. China will also work actively with the ASEAN nations to implement relevant actions for the partnership.
"We hope to carry out intra-regional security and strategic dialogue, and ... step up cooperation in such non-traditional security areas as counter-terrorism, combating transnational crimes, maritime safety, health and disease prevention as well as disaster prevention and reduction," he said.
In addition, Hu promised that China will support the ASEAN decision to hold the first East Asia Summit at the end of this year and "work with ASEAN to make the summit a success."
Hu arrived in Manila on Tuesday for a two-day state visit to the Philippines. He talked with President Gloria Macapagal Arroyo earlier Wednesday and they agreed to establish a "strategic cooperative relationship for peace and development."
The two presidents also witnessed the signing of a dozen agreements and documents to cement their cooperation in areas of finance, trade, investment, economic and technological cooperation, transportation, energy and personnel.
(Xinhua News Agency April 28, 2005)
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