Illustrative photo (Photo: Free Malaysia Today)
 
Beijing (VNA) – The China-ASEAN Business Council (CABC) held a seminar on ASEAN-China production cooperation in Beijing on June 22.

Opening the event, CABC Executive Director Xu Ningning said cooperation between China and ASEAN needs to be carried out seriously to improve its quality and effectiveness.

CABC data show that from January to May 2017, bilateral trade increased by 16.2 percent from the same period in 2016, higher than the average year-on-year growth rate of China’s foreign trade. It was also the fastest pace compared to the expansion of China’s trade with its top three trading partners, which are the European Union, the US and ASEAN.

Xu added that the upgraded ASEAN-China Free Trade Area has supported the market to be opened more strongly. Close production cooperation between the two sides has become one of the common policies to respond to global economic instability.

He also suggested both sides’ ministries and sectors carry out well the Joint Statement between ASEAN and China on Production Capacity Cooperation and the Joint Statement on Production Capacity Cooperation among Lancang-Mekong Countries. They should also make and realise policies relating to the promotion of production cooperation.

At the seminar, trade representatives of Thailand, the Philippines, Cambodia, Singapore and Malaysia also introduced the production development and relevant policies of their countries.

They said enhancing comprehensive mechanisms during production cooperation is of utmost importance. The two sides need to establish a cooperation mechanism that benefits the connection of their production plans and policies. 

They should also specify the fields in which they will step up the upgrade and shifting of production structure, while optimising the ASEAN-China trade structure to boost bilateral investment, participants noted.-VNA