China emerges as ASEAN’s top trading partner
The Association of Southeast Asian Nations (ASEAN) and China, as strategic partners, maintain a long-standing economic relationship marked by strong integration in trade and investment, said Lao Minister of Industry and Commerce Malaithong Kommasith.
He made the statement at the 23rd ASEAN Economic Ministers - China Ministry of Commerce Consultation (AEM-MOFCOM) on Sunday in Vientiane, Laos.
At the 23rd ASEAN Economic Ministers - China Ministry of Commerce Consultation (AEM-MOFCOM) on September 22, 2024 in Vientiane, Laos. Photo courtesy of Vietnam News Agency.
In 2023, the bilateral trade reached an impressive $702 billion, accounting for 19.7% of ASEAN’s total trade value and solidifying China’s position as the bloc’s number one trading partner.
Chinese direct investment in ASEAN member states amounted to approximately $17.3 billion, representing 7.5% of ASEAN’s total FDI and ranking China as the third-largest investor of the bloc.
Also last year, ASEAN and China discussed various cooperation issues and reaffirmed their commitment to fully and effectively implement the obligations and provisions of the ASEAN-China Free Trade Agreement (ACFTA).
The completion of negotiations and the implementation of the ACFTA 3.0 Upgrade are expected to further enhance trade and investment integration between the sides.
The Sunday meeting focused on reviewing the progress of negotiations for the upgrade and the two sides’ cooperation, particularly in economy, trade, e-commerce, and preparations for the ASEAN-China Summit in October 2024.
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