ASEAN Potential to Become First Partner to Raise Trade with China to US$1 Trillion

9:52:27 AM | 9/18/2023

ASEAN should become the first partner to raise two-way trade with China to US$1 trillion, said Prime Minister Pham Minh Chinh while addressing the opening ceremony of the 20th CAEXPO and CABIS in Nanning, China's Guangxi province on Sunday.

Prime Minister Pham Minh Chinh addresses the opening ceremony of the 20th China-ASEAN Expo (CAEXPO) and China-ASEAN Business and Investment Summit (CABIS) in Nanning, Guangxi province, China, September 17, 2023. Photo: VGP

The opening ceremony drew the participation of Chinese Premier Li Qiang, Lao Prime Minister Sonexay Siphandone, Cambodian Prime Minister Hun Manet, Malaysian Prime Minister Anwar Ibrahim among others.

Trade between ASEAN and China jumped from just US$78.2 billion in 2002 to US$641.5 billion in 2019 to US$975.6 billion in 2022. Both sides have been each other's largest trading partner for many years.

Pham suggested both sides coordinate in formulating connectivity chains, furthering market opening, and improving capacity to meet new standards, while stepping up science and technology cooperation.

He also asked ASEAN and China to foster both hard and soft infrastructure connectivity, promote high-quality and harmonious connectivity between the "Belt and Road" and the ASEAN Outlook on the Indo-Pacific for mutual benefits, accelerate the realization of the common percetions reached at the recent ASEAN-China Summit.

Pham called on both sides to strengthen transportation connectivity, especially rail and road connectivity to transport ASEAN's goods to Europe and Central Asia through China.

The Vietnamese Prime Minister also urged ASEAN and Chinia to foster cooperation in such new areas like green economy, digital economy, circular economy, new materials, and sharing economy.

Viet Nam expects to continue working with China and other ASEAN Member States to promptly conclude the ASEAN-China FTA 3.0 upgrade negotiations, and expand the pilot smart border gate model to facilitate movement of goods and people.

Source: VGP