China welcomes goods from ASEAN countries despite a trade deficit of US$20 billion in 2005, said Chinese Commerce Minister Bo Xilai in Nanning on Tuesday.

 

"China's market is open, vast. The two-way trade is mutually beneficial," said Bo at the Third China-ASEAN Expo that opened on Tuesday. "I hope China's vast market could bring benefits to companies in ASEAN."

 

He estimated an over 20 percent growth rate for bilateral trade this year. Trade between China and ASEAN surged by 23 percent year-on-year to US$130 billion in 2005.

 

Chinese Premier Wen Jiabao set the goal to raise the bilateral trade to US$200 billion in 2010, when the envisioned China-ASEAN Free Trade Area is completed, at Monday's commemorative summit.

 

Bo said the goal is "encouraging" as so far China only registers an annual trade of more than US$200 billion with three economic entities, namely the United States, European Union and Japan.

 

China and ASEAN are scheduled to build up a free trade area by 2010. Bo said that upon completion, it will be world most populous free trade area, steering Asian common development and prosperity.

 

(Xinhua News Agency November 1, 2006)