China, Myanmar to enhance bilateral trade and cooperation through CAFTA

China and Myanmar will enhance bilateral trade and cooperation through the mechanism of China- ASEAN free trade area (CAFTA) which took effect this year, Chinese economic counselor to Myanmar Jin Honggeng told a media party Sunday.

Jin said the establishment of the CAFTA would create good opportunities for facilitation of trade and economic cooperation between the two countries.

According to the Chinese official statistics, the bilateral trade between China and Myanmar hit 2.907 billion U.S. dollars in 2009, an increase of 10 percent over the previous year. Of the total, China's export to Myanmar hit 2.26 billion U.S. dollars and its import from Myanmar reached 646 million dollars.

At the end of 2008, China's contracted investment in Myanmar reached 1.331 billion U.S. dollars, mainly in mining, electric power and oil and gas sectors.

China now stands Myanmar's third biggest trading partner and fourth in Myanmar's foreign investment line-up.


Source:Xinhua