The 14th China-ASEAN (10+1) Trade and Economic Ministers’ Meeting was held in the capital of Malaysia Kuala Lumpur on the morning of August 23. Chinese Minister of Commerce Gao Hucheng led the delegation to attend the meeting, emphasizing that China is willing to continue to jointly promote the construction of the 21st century Maritime Silk Road, strengthen the interconnectivity cooperation, push forward a closer community of destiny, implement the consensuses of the leaders and complete the upgrading negotiations of China-ASEAN FTA on time according to the principle of “common discussion, common construction and common sharing”.

Gao pointed out at the meeting that the China-ASEA trade and economic cooperation is one of the most practical fields regarding China-ASEAN relationship. China has become ASEAN’s biggest trade partner for 6 consecutive years and ASEAN has become China’s 3rd largest trade partner for 4 consecutive years. In the first half of this year, China-ASEAN bilateral trade volume reached US$224.3 billion, although with only an increase of 1.6%, 8.6 percentage higher than the overall foreign trade growth in China. At the same time, the newly increased direct investment from China to ASEAN was about US$5 billion, close to the total amount of the whole of last year.

Gao said that the year 2015 marks the first year of the construction of the ASEAN community. China expects to see a more integrated and prosperous ASEAN. At present, Chinese economy has entered the new normality and the transformation and upgrading constantly accelerating. The economy of China and ASEAN is further integrated and the contact is closer. The launch of the all-round trade and economic cooperation is at exactly the right time. Both sides should follow the the historical trend, deeply implement the consensuses of the leaders, accelerate promoting the construction of the 21st century Maritime Silk Road according to the principle of “common discussion, common construction and common sharing”, complete the upgrading negotiations of the China-ASEA FTA on time and promote the profound development of the bilateral trade and economic cooperation in accordance with the principle of small step and brisk walking.

Gao proposed 8 measures and suggestions on further strengthening the China-ASEAN trade and economic cooperation. Firstly, efforts should be made to promote the bilateral trade and economic cooperation and to improve the quality and the benefits; endeavors should also be made to realize the goal of bilateral trade volume reaching US$1 trillion by 2020 and the newly increased investment volume exceeding US$100 billion during the 8 years up to 2020 proposed by the leaders. Secondly, efforts should be made to implement the consensuses of the leaders and to complete the China-ASEAN FTA upgrading negotiations on time. Thirdly, efforts should be made to jointly build the 21st century Maritime Silk Road and to enhance the China-ASEAN interconnectivity cooperation. Fourthly, efforts should be made to promote the cooperation in the capacity and the equipment manufacturing of both sides by first working on all kinds of Chinese trade and economic parks in ASEAN. Fifthly, efforts should be made to make full use of the funds provided by China to ASEAN and support the construction of the ASEAN community. Sixthly, efforts should be made to deepen the local trade and economic cooperation with various forms. Seventhly, efforts should be made to give full play to the platform of the China-ASEAN Expo. Eighthly, efforts should be made to strengthen the regional and sub-regional trade and economic cooperation.

The head of the trade and economic department of the ASEAN 10 countries and the Secretary of the ASEAN attended this meeting, saying in the joint press statement published after the meeting that they were happy to see that China continues to be the ASEAN’s largest trade partner and they would urge the process of the China-ASEAN FTA upgrading negotiations and strive to complete the negotiations before November 2015. They will pay attention to the suggestions which China has adopted to implement the initiative of the 21st century Maritime Silk Road in trade and economic field. They will strength the practical measures of bilateral trade and economic cooperation.

Vice-Minister Wang Shouwen accompanied to attend the meeting.