Skip to main content

China, ASEAN ministers applaud robust bilateral trade, investment growth despite COVID-19

Abstract : Economic ministers from China and the Association of Southeast Asian Nations (ASEAN) members on Thursday welcomed the robust growth of their bilateral trade and investment despite impacts of the COVID-19 pandemic.

People attend the
eighth Regional Comprehensive Economic Partnership (RCEP) Ministerial
Meeting via video conference in Hanoi, Vietnam on Aug. 27, 2020.
Economic ministers of the 10 Association of Southeast Asian Nations
(ASEAN) members and from China, Japan, South Korea, Australia, and New
Zealand on Thursday underscored the significance of the RCEP in
post-COVID-19 pandemic recovery. (VNA via Xinhua)

HANOI, Aug. 27 (Xinhua) — Economic ministers from China and the
Association of Southeast Asian Nations (ASEAN) members on Thursday
welcomed the robust growth of their bilateral trade and investment
despite impacts of the COVID-19 pandemic.

At the 19th AEM (ASEAN Economic Ministers)-MOFCOM (China’s Ministry
of Commerce) Consultations held via video link, the ministers regarded
the growth as a demonstration of the resilience and huge potential of
trade and economic cooperation between China and ASEAN, according to a
joint statement of the consultations.

China remained ASEAN’s largest trading partner since 2009 while ASEAN
became China’s largest trading partner for the first time in the first
half of this year, the statement said, noting that last year the total
merchandise trade between the two sides reached 507.9 billion U.S.
dollars and foreign direct investment flows from China to ASEAN totaled
9.1 billion U.S. dollars.

The ministers reaffirmed the importance of strengthened cooperation
to promote trade and investment for economic recovery and acknowledged
the important role of the rules-based multilateral trading system in
driving post-pandemic economic recovery, according to the statement.

They reiterated their support to ensure the enforcement of existing
international rules as well as for the WTO reform to uphold a free,
open, non-discriminatory, transparent and predictable trade and
investment environment, it said.

The ministers hailed the Joint Statement on Enhancing Cooperation
under Free Trade Area (FTA) and Combating COVID-19 as “a deliverable” at
Thursday’s consultations, which sent a positive signal of utilizing FTA
to promote trade and investment, maintain regional and global supply
chains, mitigate the pandemic’s economic impact, and build a stronger
economic region, according to the statement.

The ministers also welcomed China’s organization of the third China
International Import Expo to be held in Shanghai in early November and
the 17th China-ASEAN Expo to be held in Nanning, capital of southwest
China’s Guangxi Zhuang Autonomous Region, in late November.

About Xinhua Silk Road

Xinhua Silk Road (en.imsilkroad.com) is the Belt and Road Initiative (BRI) portal.China’s silk road economic belt and the 21st century maritime silk road website,includes BRI Policy, BRI Trade, BRI Investment, Belt and Road weekly, Know Belt and Road, and the integrated information services for the Belt and Road Initiative (BRI).

Source: China, ASEAN ministers applaud robust bilateral trade, investment growth despite COVID-19

Labels:

Comments

Post a Comment

Popular posts from this blog

Singapore’s manufacturing output declines 0.9 pct on year in October

Abstract : Singapore Economic Development Board announced on Thursday that the country's manufacturing output decreased 0.9 percent year on year in October, compared to a revised 25.6 percent rise in September. SINGAPORE, Nov. 26 (Xinhua) — Singapore Economic Development Board announced on Thursday that the country’s manufacturing output decreased 0.9 percent year on year in October, compared to a revised 25.6 percent rise in September. Excluding biomedical manufacturing, the output fell 2.7 percent in October from a year ago. On a seasonally adjusted month-on-month basis, Singapore’s manufacturing output decreased 19 percent in October. Excluding biomedical manufacturing, the output fell 2.9 percent. As for the performance of different clusters, the electronics cluster’s output fell 0.6 percent year on year in October, compared to a revised 33.1 percent increase in September. The biomedical manufacturing cluster saw its output grow 10.2 percent in October, compared to a revi...
Post a Comment
Read more

China’s Xiamen posts 1,000 China-Europe freight train trips

Abstract : Xiamen, a coastal city in east China's Fujian Province, Wednesday saw the 1,000th China-Europe freight train trip since the city launched the service in 2015. The X8098 train leaves Haicang station in Xiamen of east China’s Fujian Province for Hamburg, Germany, bringing the number of train trips of China-Europe freight train service to 1,000 on June 2, 2021. (Xinhua/Lin Shanchuan) XIAMEN, June 2 (Xinhua) — Xiamen, a coastal city in east China’s Fujian Province, Wednesday saw the 1,000th China-Europe freight train trip since the city launched the service in 2015. With 50 carriages loaded with daily necessities, auto parts and other goods, the X8098 train left the Haicang station of Xiamen for Germany Wednesday morning, bringing the number of train trips of such service to 1,000. Launched in August 2015, Xiamen’s rail cargo service to Europe and Central Asia has so far transported nearly 80,000 TEUs of goods worth more than 3 billion U.S. dollars, which...
Post a Comment
Read more

Economic Watch: China’s industrial profits rebound, pressure persists

Abstract : Profits of China's major industrial firms rebounded in the second quarter (Q2) as business activities continued to pick up, but the recovery still faces uncertainties due to the global spread of COVID-19. BEIJING, July 27 (Xinhua) — Profits of China’s major industrial firms rebounded in the second quarter (Q2) as business activities continued to pick up, but the recovery still faces uncertainties due to the global spread of COVID-19 . In Q2, profits of industrial companies with annual revenue of more than 20 million yuan (about 2.86 million U.S. dollars) rose by 4.8 percent year on year, reversing the 36.7-percent decline in Q1, the National Bureau of Statistics (NBS) said on Monday. In June alone, major industrial firms saw their profits rise by 11.5 percent to 666.55 billion yuan, widening by 5.5 percentage points from that in May, said NBS senior statistician Zhu Hong. The quickened growth in industrial production and sales, as well as the moderate drop in the fa...
Post a Comment
Read more