At the event (Photo: VNA) The 22nd AEM – Ministry of Commerce (MOFCOM) of the People's Republic of China Consultation was co-chaired by Indonesian Minister of Trade Zulkifli Hasan andChinese Vice Minister of Commerce Li Fei. It welcomed China’s continued supportfor the region’s post-pandemic recovery, particularly in strengthening theregional health capacities, maintaining trade and market openness, as well assafeguarding food security.
The meeting reiterated the commitment to implement theASEAN-China Joint Statement on Cooperation in Support of the ASEANComprehensive Recovery Framework (ACRF) and the ASEAN-China Economic Ministers’Joint Statement on Combating the Coronavirus Disease (COVID-19) and EnhancingACFTA Cooperation. The sides also reaffirmed their commitment to fully andeffectively implement agreements under the ASEAN – China Free Trade Area(ACFTA), including the Upgrading Protocol of the ACFTA.
The meeting adopted the ASEAN-China Initiative on EnhancingCooperation on E-Commerce, which seeks to promote closer enterprise cooperation,jointly carry out capacity-building activities, and promote cross-bordere-commerce.
It welcomed MOFCOM’s proposal on jointly carrying outASEAN-China Exchanges on Laws and Regulations related to Trade and EconomicCooperation, which could further implement the important consensus reached bythe sides’ leaders in the field. The meeting also noted the importance ofregional and sub-regional cooperation such as BIMP EAGA-China Cooperation(BECC) and Lancang-Mekong Cooperation (LMC) to bridge the development gapsamong the AMS and to build a stronger ASEAN community, among other matters.
According to ASEAN Statistics, total merchandise tradebetween ASEAN and China reached 722 billion USD in 2022, registering anincrease of 7.8% year-on-year. China maintained its position as ASEAN’s largesttrading partner since 2009 and the bloc was China's largest trading partner forthree consecutive years since 2020.
On the same day, the 20th AEM-India Consultation (AEM-IndiaConsultation) – co-chaired by Hasan and Ajesh Agrawal, Additional Secretary atthe Indian Ministry of Commerce and Industry’s Department of Commerce –emphasised that to navigate the challenging global environment, an inclusive,stronger and more impactful cooperation between ASEAN and India is essential.The meeting tasked officials to explore ways to embed practicalactivities of mutual interest that will mitigate the effects of these globalchallenges on the ASEAN-India economic relationship, especially in the areas ofsustainable development, digital transformation, and supply chain resilience.
It welcomed the progress of the Review of the ASEAN-IndiaTrade in Goods Agreement (AITIGA) and endorsed the Term of Reference of theAITIGA Joint Committee, the Work Plan of the AITIGA Review Negotiations, andthe Negotiating Structure for the AITIGA Review.
The meeting was held in support of India’s G20 Presidencyunder the theme “One Earth. One Family. One Future”, and took note of theactivities undertaken by the ASEAN-India Business Council (AIBC) in 2023,including the 5th ASEAN-India Business Summit. It encouraged the AIBC tocontinue its initiatives in promoting and enhancing economic, trade andinvestment linkages between the bloc and India to ensure the continuity of businessopportunities with all their trading partners and to strengthen the regionalsupply chain.
In 2022, based on preliminary ASEAN statistics, two-waytrade between ASEAN and India reached 113 billion USD, increasing by 23.4%year-on-year, while total foreign direct investment (FDI) inflows from India hit681 million USD./.
VNA
