China maintains its position as ASEAN's number one trading partner

In 2023, the value of trade in goods between ASEAN and China will reach 702 billion USD, accounting for 19.7% of ASEAN's total trade value and making China ASEAN's No. 1 trading partner.

In 2023, the value of trade in goods between ASEAN and China will reach 702 billion USD, accounting for 19.7% of ASEAN's total trade value. (Source: ASEAN Secretariat)

At the 23rd ASEAN Economic Ministers' Meeting and the Chinese Ministry of Commerce held on September 22 in Vientiane, Laos, Lao Minister of Industry and Trade Malaithong Kommasith said that ASEAN and China are strategic partners, have long-term economic relations and cooperation, and have strong integration in trade and investment.

In 2023, the value of trade in goods between ASEAN and China will reach 702 billion USD, accounting for 19.7% of ASEAN's total trade value and making China ASEAN's No. 1 trading partner.

The value of foreign direct investment (FDI) by Chinese investors in ASEAN member countries reached about 17.3 billion USD, accounting for 7.5% of ASEAN's foreign direct investment (FDI) value in 2023 and placing China in third place among countries with large investment value in ASEAN.

After the completion of the negotiations to upgrade and implement the ASEAN-China Free Trade Agreement 3.0, ASEAN-China trade and investment integration will grow stronger.

In 2023, ASEAN-China discussed various issues related to bilateral cooperation and reaffirmed their commitment to fully and effectively implement the obligations and provisions of the ASEAN-China Free Trade Agreement.

The September 22 conference also heard a report on the progress of the implementation of the work plan on enhancing economic and trade cooperation between ASEAN and China, especially the exchange of views on regulations related to economic and trade cooperation between ASEAN and China.

The conference also focused on reviewing the progress of negotiations to upgrade the ASEAN-China Free Trade Agreement 3.0 and ASEAN-China economic cooperation, especially the implementation of the plan to enhance economic and trade cooperation, e-commerce cooperation and preparations for the ASEAN-China Summit in October 2024.

Source: https://baoquocte.vn/trung-quoc-duy-tri-vi-tri-la-doi-tac-thuong-mai-so-mot-cua-asean-287313.html