China remains Asean's largest trade, investment partner
China remains Asean's largest trade, investment partner
The ministers and delegates from Asean and China were pleased with the performance of Asean-China bilateral trade and investment, as despite the uncertainty in the global economy, China maintained its position as Asean's largest trading partner.
Asean total trade with China reached US$346.4 billion in 2015, accounting for 15.2 percent of Asean's total trade, according to a joint media statement on the 15th AEM-MOFCOM Consultations last Thursday in Vientiane.
Foreign Direct Investment (FDI) flows from China to Asean amounted to US$8.2 billion in 2015, placing China as Asean's fourth largest source of FDI.
According to China's statistics, trade between China and Asean increased 18.5 percent on average in the past 25 years from 1991 to 2015.
Trade volume between China and Asean was US$472.16 billion by 2015, equal to 11.9 percent of China's total trade.
Direct investment from China to Asean reached US$9.45 billion with a year-on-year increase of 60.8 percent.
For Laos, the Ministry of Planning and Investment reported recently that China had an investment value of over US$5.48 billion in the period from 1989-2015.
The Ministry of Industry and Commerce reported that Lao exports to China had a value of over US$595.7 million in 2013-2014 and over US$925.7 million in 2014-2015.
Meanwhile Chinese exports to Laos were US$810.8 million in 2013-2014 and later recorded about US$747.5 million in in 2014-2015.
Economic ministers and delegates from Asean and China met on August 4 in Vientiane for the 15th AEM-MOFCOM Consultations, which were co-chaired by Mrs Khemmani Pholsena, Industry and Commerce Minister of Laos and Gao Hucheng, Commerce Minister of China.
They noted the importance of coordination on economic and trade cooperation in the past 25 years since the establishment of the Asean-China Dialogue Relations.
Reconising the significance of trade and investment between Asean and China, they believe that it is timely to strengthen Asean-China trade and economic cooperation; therefore AEM took note of and expressed appreciation towards China's proposals.
The ministers welcomed the entry into force of the Protocol to Amend the Framework Agreement on Comprehensive Economic Cooperation and Certain Agreements (ACFTA Upgrading Protocol) between Asean and China last July.
They looked forward to the implementation of the ACFTA Upgrading Protocol, which aims to enhance trade and economic relations between Asean and China.
They also tasked the officials to continue deliberations in mapping out a detailed work plan for the further liberalisation of the trade in goods, improvement of product specific rules, and approaches to investment liberalisation and protection.
They agreed to recommend the adoption of a joint statement between Asean and China on production capacity cooperation as a deliverable of the Asean-China commemorative summit for the 25th Anniversary of the Asean-China dialogue relations.
The joint statement aims at providing opportunities to further strengthen economic and trade relations through cooperation on production capacity, that will further boost the confidence and engagement of businesses from Asean and China.
China-Asean expos and trade fairs held in China showcased the various economic initiatives being pursued by both Asean and China, including the ACFTA, and the opportunities arising from these initiatives.
China also welcomed the new AEC Blueprint 2025, which envisages an AEC by 2025 that is highly integrated and cohesive; competitive, innovative and dynamic; with enhanced connectivity and sectoral cooperation; a more resilient, inclusive, and people-oriented, people-centered community; as well as integration with the global economy.
