Vietnam has become China’s second largest ASEAN trade partner in2014, only after Malaysia, the China-ASEAN Business Council (CABC)’sreport revealed on January 30.
According to theChina-ASEAN Free Trade Area (FTA) Q4 Report, China’s trade with Vietnamrecorded a growth rate of 27.73 percent while that with Myanmar hit 146percent.
The total trade between China and the ASEANcountries in 2014 accounted for 11.16 percent of China’s overall foreigntrade volume, an increase of 10.66 percent against 2013.
CABC Executive Director-General Xu Ningning said the bilateral traderose by 8.3 percent to 480.4 billion USD last year. Of the figure, Chinaimported 208.3 billion USD worth of commodities from the ASEANpartners, up 4.4 percent, whilst its exports topped 272 billion USD, up11.5 percent.
However, the downward trends recorded inthe two-way investments during the period. ASEAN total investments toChina fell 23.8 percent to 6.51 billion USD whilst China’s decreased by18.88 percent to 5.98 billion USD.
The reportforecasted that the China-ASEAN trade will continue to be a key driverof Asia economic growth as the global economy is recovering.
Furthermore, bilateral and multilateral cooperation within theASEAN-China FTA appeared to be very promising with the finalisation ofFTA upgrading negotiation and the Regional Comprehensive EconomicPartnership (RCEP) as well as the conduct of ASEAN-China Year ofMaritime Cooperation by the end of 2015.
Both sides expect a 500 billion USD two-way trade in 2015 and an additional 150 billion USD investments by 2020.
CABC also released the 7th famous brand list of ASEAN and Chinawhich recommends 30 prestigious enterprises of both sides in the fieldsof food, pharmaceuticals, machines and equipment, electronic andconstruction products in a bid to help local firms expand markets andcooperation in the region.-VNA
According to theChina-ASEAN Free Trade Area (FTA) Q4 Report, China’s trade with Vietnamrecorded a growth rate of 27.73 percent while that with Myanmar hit 146percent.
The total trade between China and the ASEANcountries in 2014 accounted for 11.16 percent of China’s overall foreigntrade volume, an increase of 10.66 percent against 2013.
CABC Executive Director-General Xu Ningning said the bilateral traderose by 8.3 percent to 480.4 billion USD last year. Of the figure, Chinaimported 208.3 billion USD worth of commodities from the ASEANpartners, up 4.4 percent, whilst its exports topped 272 billion USD, up11.5 percent.
However, the downward trends recorded inthe two-way investments during the period. ASEAN total investments toChina fell 23.8 percent to 6.51 billion USD whilst China’s decreased by18.88 percent to 5.98 billion USD.
The reportforecasted that the China-ASEAN trade will continue to be a key driverof Asia economic growth as the global economy is recovering.
Furthermore, bilateral and multilateral cooperation within theASEAN-China FTA appeared to be very promising with the finalisation ofFTA upgrading negotiation and the Regional Comprehensive EconomicPartnership (RCEP) as well as the conduct of ASEAN-China Year ofMaritime Cooperation by the end of 2015.
Both sides expect a 500 billion USD two-way trade in 2015 and an additional 150 billion USD investments by 2020.
CABC also released the 7th famous brand list of ASEAN and Chinawhich recommends 30 prestigious enterprises of both sides in the fieldsof food, pharmaceuticals, machines and equipment, electronic andconstruction products in a bid to help local firms expand markets andcooperation in the region.-VNA
