ASEAN Economic Ministers Conclude Roadshow in China to Enhance Trade and Investment

on Monday, 28 October 2013. Posted in 2013, ASEAN Secretariat News

ASEAN Economic Ministers Conclude Roadshow in China to Enhance Trade and Investment

JAKARTA, 28 October 2013 - A high-level delegation from ASEAN led by the Honourable Pehin Dato Lim Jock Seng, Second Minister, Ministry of Foreign Affairs and Trade, Brunei Darussalam visited China from 22-25 October to further enhance trade and investment relations between the two sides. The delegation comprised of Economic Ministers from Cambodia, Lao PDR, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam and senior officials from ASEAN Member States. The delegation visited Hong Kong, Chengdu, Shanghai, and Beijing.

The delegation called on H.E. Li Keqiang, the Premier of People’s Republic of China. The delegation also met with high-level Chinese officials, including H.E. Gao HuCheng, Minister of Commerce; H.E. Gan Lin, Vice Governor of Sichuan Province Government; H.E. Yang Xiong, Mayor of Shanghai; and H.E. Leung Chun Ying, Chief Executive of Hong Kong Special Administrative Region.

The delegation further participated in a number of trade and investment symposium; visited Tak Cruise Terminal in Hong Kong, China; Chengdu Tianfu Software Park; Shanghai Stock Exchange; Shanghai General Motors Corporation and Shanghai Pilot Free Trade Zone; and held consultations with the private sector. The delegation attended a dinner hosted by H.E. Wang Yang, Vice Premier of People’s Republic of China.

The total trade between ASEAN and China reached US$ 319 billion in 2012, which represents an average annual growth rate of 20% since 2002. China is ASEAN's largest trading partner, while ASEAN has been China's third largest trading partner since 2010. During the 16th ASEAN-China Summit held in Brunei Darussalam on 10 October 2013, the Leaders agreed to work towards achieving two-way trade of US$ 500 billion by 2015 and US$ 1 trillion by 2020, and two-way investment of US$ 150 billion in the next eight years. 

“The Ministers were pleased with the Roadshow which will pave the way for the realization of trade and investment targets set by the Leaders. The Ministers also reiterated their commitment for timely realisation of an ASEAN Economic Community by 2015 which will create a single market and production base for the private sector to expand existing or establish new operations in the region,” said Mr. Lim Hong Hin, Deputy Secretary-General of ASEAN for ASEAN Economic Community.