ASEAN-East Asia merchandise trade tops $1.7 trillion in 2023
The merchandise trade between ASEAN and East Asian countries in 2023 topped $1.73 trillion, accounting for 49.7% of ASEAN's total trade value and making East Asia the top trading partner of ASEAN.
The figures were released at the recent 12th East Asia Summit (EAS) Economic Ministers' Meeting in Vientiane, Laos.
The 12th East Asia Summit (EAS) Economic Ministers' Meeting is held in Vientiane, Laos on September 21, 2024. Photo courtesy of asean.org.
The ASEAN and East Asian countries are long-term economic partners with strong integration in trade and investment, Lao Minister of Industry and Trade Malaithong Kommasith said at the Saturday event.
Foreign direct investment (FDI) flows from East Asian countries to ASEAN reached $124.6 billion in 2023.
After economic, trade and investment cooperation plans in the region are implemented, trade and investment integration between ASEAN and the East Asian countries will be further tightened.
At the meeting, participants exchanged views on regional and global economic challenges that could likely impact supply chain resiliency in the region, such as climate change, industrial policies, inflationary pressures and heightened geopolitical tensions, among others.
They also discussed measures to strengthen the role of the World Trade Organisation and promote regional economic growth.
In addition, participants at the meeting also heard about the preparations for the 19th EAS and discussed the Joint Statement of the 12th EAS Economic Ministers’ Meeting.
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