NAY PYI TAW, Aug. 26 (Xinhua) -- China and ASEAN have agreed to negotiate on upgrading the China-ASEAN Free Trade Area, according to a joint statement of the 13th AEM-MOFCOM Consultations on August 26,.

The consultations were held in Nay Pyi Taw, Myanmar on August 26. In his speech, Chinese Commerce Minister Gao Hucheng said the year 2014 marks the beginning of the second decade of the establishment of the China-ASEAN strategic partnership. With constant acceleration in the construction of the China-ASEAN FTA, China-ASEAN trade and economic cooperation has become a highlight of China-ASEAN ties.

Gao said China-ASEAN bilateral trade had maintained a steady growth. In 2013, bilateral total trade amounted to US$443.6 billion, up 11% year on year. ASEAN has become China’s third largest trading partner, fourth largest export market and second largest import source for three years in a row. According to statistics from ASEAN, China has become ASEAN’s biggest trading partner for four years in a row. In January-July this year, bilateral trade saw a steady growth with a total volume of US$260 billion. By the end of July, China-ASEAN two-way investment totaled US$120 billion.

Gao said China would like to expand mutually beneficial cooperation with ASEAN. He proposed to carry out cooperation in four areas: jointly build the 21st Century Maritime Silk Road, further raise bilateral trade and investment facilitation level, accelerate connectivity of infrastructure and increase cooperation in regional economic integration.

According to the joint statement, the agreement to upgrade the China-ASEAN FTA was a strong testament to the positive relationship between China and ASEAN and would help deepen the economic cooperation of both sides in a mutually beneficial manner.
The ministers welcomed China's initiatives to build the 21st Century Maritime Silk Road and establish an Asian Infrastructure Investment Bank. They also welcomed the launch of ASEAN-Hong Kong FTA negotiations.

The China-ASEAN FTA, established in January 1, 2010, boasts a gross domestic product of US$6 trillion with trade reaching US$4.5 trillion, representing the biggest FTA made up of developing countries in the world. China proposed to upgrade the China-ASEAN FTA in 2013.