by rio.kurniawan
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The global economic recovery continues to be fragile as COVID-19 remains to be an ongoing concern. With the joint efforts of ASEAN and China, trade and economic cooperation between the two sides maintained good momentum, showing strong resilience and potential. Merchandise trade and investment further expanded.: According to ASEAN’s statistics, in 2021, trade volume between ASEAN and China reached a new record of USD 669 billion, making China ASEAN’s largest trading partner for the 13th consecutive year; foreign direct investment (FDI) flows from China to ASEAN amounted to USD 13.6 billion in 2021, almost double the USD 7.0 billion in 2020. According to China’s statistics, ASEAN-China trade volume has increased to USD 878.2 billion in 2021 and ASEAN has been China’s largest trading partner for two consecutive years.
FDI flows from ASEAN to China was USD 10.6 billion, a significant increase from USD 7.95 billion in 2020. Regional economic integration was also accelerated with both sides working together on the entry into force of the Regional Comprehensive Economic Partnership (RCEP) Agreement on 1 January 2022 and advance preparations for the further enhancement of the ASEAN-China Free Trade Area (ACFTA 3.0). At the Special Summit to Commemorate the 30th Anniversary of ASEAN-China Dialogue Relations, held in November 2021, Leaders of the two sides jointly announced the establishment of a meaningful, substantive, and mutually beneficial ASEAN-China Comprehensive Strategic Partnership and agreed to advance ASEAN-China cooperation in all fields which contributes to the building of an open, inclusive, and sustainable region conducive to peace, security, and prosperity.
Economic Ministers from both sides also issued the Joint Statement on Further Enhancing Trade and Economic Cooperation at the 30th Anniversary of ASEAN-China Dialogue Relations, in September 2021, to reaffirm their commitment to further (i) expand ASEAN-China trade and investment cooperation, (ii) deepen post-pandemic cooperation in trade and economic fields, (iii) enhance the level of ASEAN-China economic integration, and (iv) strengthen cooperation on RCEP.
Download the full statement here.
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