CAEXPO helps promote ASEAN-China free trade area

Deputy Minister of Industry and Trade Do Thang Hai speaks in his pre-recorded remarks at the forum on September 11 (Photo: VNA)

Hanoi (VNA) - The China-ASEAN Expo (CAEXPO), an initiative of China that win support ofASEAN countries, has become an important multilateral cooperative event,contributing to promoting the ASEAN-China free trade area, a Vietnameseofficial said.

In hispre-recorded remarks delivered at a forum on ASEAN-China business and tradecooperation held on September 11 in theframework of the 18th CAEXPO, Vietnamese Deputy Minister of Industryand Trade Do Thang Hai said the cooperation between the two sides has continuouslydeveloped over the past 30 years since the establishment of their dialogue relationship,on the basis of mutual benefit, respect and understanding, thus contributing topeace, stability and prosperous development in the region and the world as awhole.

He particularly highlighted their dynamic economic ties, with two-way tradesurging 80 fold after three decades, turning ASEAN and China into each other’stop trade partners.

Hewent on to say that the ASEAN-China free trade area was launched in 2010, andthanks to joint efforts has grown into the third largest FTA in the world. Lastyear, despite the grave impact of the COVID-19 pandemic, bilateral trademanaged to grow 32.9 percent, accounting for 15.9 percent of China’s totalforeign trade. ASEAN, for the first time, has surpassed the EU to become thebiggest trade partner of China.

Asthe gateway to the ASEAN-China FTA, Vietnam also saw its trade with Chinagrowing stably and rapidly at an average over 20 percent a year in the pastfive years, according to Deputy Minister Hai.  

He cited customs statistics of Vietnam which showed Vietnam-China trade totaled133.1 billion USD in 2020, up 13.82 percent from 2019 despite the pandemic. Thevalue in the first seven months of 2020 surged 40.4 percent from the sameperiod last year to 91.41 billion USD. China continues to be Vietnam’s largesttrade partner, while Vietnam has become the top trade partner of China in theASEAN.

Theforum, held in both online and offline forms, was organised by the TradeMinistry of China and the organizer of CAEXPO to mark the 30th foundinganniversary of the ASEAN-China dialogue relationship.

Delegatesat the event included officials from economic and trade ministries of ASEANcountries and China, along with ambassadors of ASEAN countries to China./. 

VNA