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China, India, South Korea and three other Asian countries have agreed to extend and deepen tariff cuts starting next July, as party of an expanded free trade agreement.
This is the outcome of a ministerial meeting between six south and southeastern Asian nations. Lin Lin has more.
Reporter:
 Trade ministers from the nations, also including Bangladesh, Laos and Sri Lanka, will, from late next year, reduce tariffs by an average of 30 percent, from 22 percent previously, and more than double the product range, extending the agreement to 4,800 products, from 1,800.
The ministers, who met in Beijing, agreed to implement an accord reached in last April that expands the regional free trade pact, the so-called "Bangkok Agreement". The accord will be renamed the Asia Pacific Free Trade Area.
The Bangkok Agreement was signed in 1975 as an initiative of the UN Economic and Social Commission for Asia and the Pacific. It is a preferential tariff arrangement that aims at promoting intra-regional trade through exchange of mutually agreed concessions by member countries.
With a total population of more than 2.6 billion, the six countries' GDP last year totaled 3 trillion US dollars, boosting future potentials for closer economic integration.
Ahead of the new round of negotiations on more tariff cuts, executive secretary of the UN Economic and Social Commission for Asia and the Pacific, Kim Hak-Su said as the new agreement is to cover more services, member countries will reap more benefits from the lowered prices.
China joined the Bangkok agreement in 2001. Trade Minister Bo Xilai promised China will cut tariffs by an average of 27 percent on about 1,700 products, from more than 900 previously in the years to come.
Bo Xilai said as members of the Agreement are all Chinese close neighbors, easy trade will promote regional economic and social development.
To facilitate trade and investment, more preferential policies should be made to spur the growth.
It's reported the six countries are also considering implementing non-tariff treatment on services, investment and intellectual products trade.
Lin Lin, CRI News
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