Hanoi (VNA) - The 10-member Association ofSoutheast Asian Nations (ASEAN) and China on July 19 marked the 30thanniversary of their dialogue relations.
As reported by China’s Xinhua news agency, since the tiesbegan in July 1991, bilateral trade volume had soared from less than 8 billionUSD to more than 680 billion USD last year. With such a strong foundation, thetwo sides have pledged to enhance cooperation in all sectors to open a newchapter in ASEAN-China common development and prosperity.
The Thai-Chinese Rayong Industrial Zone in Thailand's Rayong province has been a miniature and fruit of such win-win cooperation.Established in 2006 and now home to 160 overseas companies, the plant boasts40,000 local workers, mostly in automobile, electronics and machinery sectors.
In the past year and a half, despite the COVID-19 outbreak and related travelrestrictions, the industrial zone managed to attract 27 Chinese companies toinvest there.
With more than 650 million consumers and being a supplychain hub for major industries, ASEAN is becoming an important strategic marketfor Chinese businesses, Thailand's Siam Commercial Bank said in a researchreport.
In 2020, China's foreign direct investment (FDI) in ASEANcountries surged 52.1 percent year-on-year, bucking a global downward trend.Meanwhile, ASEAN investors continue to see a rosy prospect in China for itssolid post-pandemic recovery and the new development paradigm of "dualcirculation," with the bloc's investment in the Chinese mainland jumping50.7 percent in the first half of 2021, according to China's Ministry ofCommerce.
Bilateral trade has also thrived over the years, buoyed by afriendly relationship between the two sides and the China-ASEAN Free TradeAgreement (CAFTA).
Thanks to the CAFTA, more commodities from ASEAN countries,ranging from agricultural products such as mango, durian and coffee to primaryand intermediate products like rubber and paper, have entered the Chinesemarket. In 2020, China and ASEAN became each other's largest trading partnerfor the first time.
Trade volume between China and ASEAN maintained a robustgrowth in 2021, surging 27.8 percent year-on-year in the first six months,according to China's customs statistics.
In November last year, the Regional Comprehensive EconomicPartnership (RCEP) agreement was signed by its 15 participating countriesincluding China and the 10 ASEAN members, creating a massive free trade zonecovering roughly 30 percent of the world's gross domestic product, trade andpopulation.
The RCEP marks "the beginning of a new era forChina-ASEAN ties" and is a boon to trade and investment in not only SoutheastAsia, but also the world, said Panitan Wattanayagorn, chairman of Thai primeminister's Security Advisory Committee./.
As reported by China’s Xinhua news agency, since the tiesbegan in July 1991, bilateral trade volume had soared from less than 8 billionUSD to more than 680 billion USD last year. With such a strong foundation, thetwo sides have pledged to enhance cooperation in all sectors to open a newchapter in ASEAN-China common development and prosperity.
The Thai-Chinese Rayong Industrial Zone in Thailand's Rayong province has been a miniature and fruit of such win-win cooperation.Established in 2006 and now home to 160 overseas companies, the plant boasts40,000 local workers, mostly in automobile, electronics and machinery sectors.
In the past year and a half, despite the COVID-19 outbreak and related travelrestrictions, the industrial zone managed to attract 27 Chinese companies toinvest there.
With more than 650 million consumers and being a supplychain hub for major industries, ASEAN is becoming an important strategic marketfor Chinese businesses, Thailand's Siam Commercial Bank said in a researchreport.
In 2020, China's foreign direct investment (FDI) in ASEANcountries surged 52.1 percent year-on-year, bucking a global downward trend.Meanwhile, ASEAN investors continue to see a rosy prospect in China for itssolid post-pandemic recovery and the new development paradigm of "dualcirculation," with the bloc's investment in the Chinese mainland jumping50.7 percent in the first half of 2021, according to China's Ministry ofCommerce.
Bilateral trade has also thrived over the years, buoyed by afriendly relationship between the two sides and the China-ASEAN Free TradeAgreement (CAFTA).
Thanks to the CAFTA, more commodities from ASEAN countries,ranging from agricultural products such as mango, durian and coffee to primaryand intermediate products like rubber and paper, have entered the Chinesemarket. In 2020, China and ASEAN became each other's largest trading partnerfor the first time.
Trade volume between China and ASEAN maintained a robustgrowth in 2021, surging 27.8 percent year-on-year in the first six months,according to China's customs statistics.
In November last year, the Regional Comprehensive EconomicPartnership (RCEP) agreement was signed by its 15 participating countriesincluding China and the 10 ASEAN members, creating a massive free trade zonecovering roughly 30 percent of the world's gross domestic product, trade andpopulation.
The RCEP marks "the beginning of a new era forChina-ASEAN ties" and is a boon to trade and investment in not only SoutheastAsia, but also the world, said Panitan Wattanayagorn, chairman of Thai primeminister's Security Advisory Committee./.
VNA
