Commerce Ministry says China aims to bolster trade ties with ASEAN
CHINA is willing to strengthen trade ties, investment and economic cooperation with the Association of Southeast Asian Nations (ASEAN) as the regional bloc becomes an increasingly important, announced the Ministry of Commerce
CHINA is willing to strengthen trade ties, investment and economic cooperation with the Association of Southeast Asian Nations (ASEAN) as the regional bloc becomes an increasingly important, announced the Ministry of Commerce.
Partly the result of dropping trade volumes with the EU and the US, China's trade with ASEAN rose 4.2 per cent year on year to CNY1.7 trillion (US$240 billion) in the first five months of this year, reported China Daily.
Today, ASEAN has replaced the EU as China's largest trading partner, customs data reveals.
This growth reflects China's eagerness to maintain the stability, security and development of its industrial and supply chains with ASEAN, said ministry spokesman Gao Feng.
Mr Gao said China and the ASEAN countries have strong complementary economies. Both sides have showed their advantages and deepened economic cooperation in various fields.
'The establishment of the China-ASEAN Free Trade Area has also pushed the two sides to open each other's markets, promote trade and investment liberalisation and ensure the smoothness of global industrial and supply chains,' he said.
Said Vice Commerce Minister Wang Shouwen: 'I believe the RCEP [Regional Comprehensive Economic Partnership] will go a long way toward regional economic recovery following the pandemic,' Mr Wang said. 'It will help harmonise trade rules in this region and will enhance supply chains and value chains.'
Mr Wang said the deal will also promote regional economic integration and promote trade by eliminating over 90 per cent of the tariffs on goods being traded in the region. Further, the RCEP will not only give a strong boost to an open global economy, but also significantly contribute to the global trading system.