Bangkok, Thailand building China City free trade centre

China building free trade centre in Bangkok, Thailand

Bangkok, Thailand: China is building a US$1.5 billion “commercial city” in Bangkok, Thailand to help traders re-export Chinese goods from Thailand by avoiding costly tariffs.

The 700,000 square metre site (the equivalent area of one hundred football pitches) will be in the China City Complex on the outskirts of Bangkok City and will have enough space for over 70,000 Chinese traders.

Construction began in January of this year and completion is expected by 2013.

“Apart from the business opportunities in Thailand, Chinese exporters can also promote their products to developed markets such as the European Union and the United States through this project," commented Yang Fangshu, chairman of the ASEAN-China Economic and Trade Promotion Centre.

In January 2010 China signed a free trade agreement with the Association of Southeast Asian Nations (ASEAN) which created the third largest trading zone in the world, after the European Union and the North American Free Trade Agreement.

Under the terms of the AESAN agreement, tariffs are removed from ninety percent of goods traded between the following countries; China, Indonesia, Brunei, Malaysia, Philippines, Singapore and Thailand.

For the remaining ASEAN member countries, Myanmar, Cambodia, Laos and Vietnam, the tariff reductions will come into effect in 2015.

In recent years China has seen its export trade boom, reaching levels of US$196.1 billion in 2009 and US$190 billion in 2010. This increase in China’s exports has led many nations to complain about cheap Chinese goods flooding the market.

The US and Europe have also criticised China’s exchange rate controls; accusing China of making their exports artificially cheap and giving Chinese manufacturers an unfair advantage over their European and American counterparts.

For further information... http://blog.oceanvillasgroup.com/bangkok-thailand-building-china-city-free-trade-centre/

Rebecca Smith Ocean Villas Group - http://www.oceanvillasgroup.com http://blog.oceanvillasgroup.com

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