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Industry Developments

China seeks to deepen trade ties with ASEAN countries

Trade between China and ASEAN countries rose 1.6% year-on-year to reach 224 billion US dollars in the first half of the year, as the nations are keen to pursue a larger share in each other's lucrative markets. 
      Progress relies on “mutual political trust” and “deeper integration,” Chinese Vice Commerce Minister Gao Yan said Wednesday. 
      Despite territorial disputes with ASEAN members such as the Philippines and Vietnam, trade with China has manifolded over the past few years. Trade between China and ASEAN countries reached 480 billion US dollars last year, up 8.23%.
      China has been ASEAN's largest trading partner since 2009, and ASEAN has been China's third largest since 2010.
China and ASEAN countries will conclude negotiations on upgrading an existing FTA by the end of this year, Gao Yan said, adding that the trade volume will reach 1 trillion US dollars by 2020. 
      Meanwhile talks on a Regional Comprehensive Economic Partnership (RCEP) have made progress, Gao said. The RCEP negotiations were launched by leaders from ASEAN and ASEAN's FTA partners in 2012. 
      The 16 participating countries aim to facilitate trade in goods, services and investment. Those countries account for 48% of world's population and 30% of global GDP.





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