ASEAN, China Further Enhance Trade and Investment

A high-level delegation from ASEAN led by the Honourable Pehin Dato Lim Jock Seng, Second Minister, Ministry of Foreign Affairs and Trade, Brunei Darussalam, visited China on 22-25 October to further enhance trade and investment relations between the two sides. The delegation comprised of Economic Ministers from Cambodia, Laos PDR, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam and senior officials from ASEAN Member States. The delegation visited Hong Kong, Chengdu, Shanghai and Beijing.

 

The delegation further participated in a number of trade and investment symposiums; visited Tak Cruise Terminal in Hong Kong, China; Chengdu Tianfu Software Park; Shanghai Stock Exchange; Shanghai General Motors Corporation and Shanghai Pilot Free Trade Zone; and held consultations with the private sector. The delegation attended a dinner hosted by H.E. Wang Yang, Vice Premier of People’s Republic of China.

 

The total trade between ASEAN and China reached US$319 billion in 2012, which represents an average annual growth rate of 20 percent since 2002. China is ASEAN's largest trading partner, while ASEAN has been China's third largest trading partner since 2010. During the 16th ASEAN-China Summit held in Brunei Darussalam on 10 October 2013, the leaders agreed to work towards achieving two-way trade of US$500 billion by 2015 and US$1 trillion by 2020, and two-way investment of US$150 billion in the next eight years.