ASEAN and China discuss to open up more goods and investment markets; Thailand calls for China's support in Kunming-Chiang Rai R3A highway project to create more trade opportunities

September 10, 2019

Abstract : After the China-ASEAN Economic Ministers' Meeting and the Third ASEAN Economic MinistersHKC Consultations (AEM-HKC Consultations) that ASEAN and China signed the Free Trade Agreement (FTA) in 2005 and their bilateral volume had reached 470 billion U.S. dollars last year

InfoQuest, (Sept. 9, 2019) -- Mr. Jurin Laksanawisit, deputy prime minister and commerce minister of Thailand, said after the China-ASEAN Economic Ministers' Meeting and the Third ASEAN Economic MinistersHKC Consultations (AEM-HKC Consultations) that ASEAN and China signed the Free Trade Agreement (FTA) in 2005 and their bilateral volume had reached 470 billion U.S. dollars last year, making China ASEAN's largest trading partner.

In the future, ASEAN and China will upgrade their cooperation in the following three major areas: 1. Open up more goods markets. 2. Adjust the rules of origin of products to make them more modern and more responsive to the needs of modern trade. 3. Set up a fund to support the operation of ASEAN by the Chinese government to further promote investment liberalization. So far, China has provided 300 million yuan for ASEAN, and is planning another 50 million yuan to provide financial support for ASEAN's related projects, such as the ASEAN Online Tourism Platform project, and ASEAN entrepreneurs and rules-of-origin officials training projects, etc.

Mr. Jurin said that at today's meeting, the Thai representatives proposed to use Chinese funds in three important projects: 1. Kunming-Chiang Rai R3A highway project in order to increase mutual trade opportunities and promote the future growth of Thailand's cross-border trade; 2. Young Entrepreneur Training Project; 3. Young Entrepreneur Trade Platform Project.

Today's meetings include: the China-ASEAN Economic Ministers' Meeting, the AEM-HKC Consultations, the Consultations between the ASEAN Economic Ministers (AEM) and the Ministers of Australia and New Zealand, ASEAN Economic Ministers – Republic of Korea (AEM-ROK) consultations, and the Consultations between the ten ASEAN Economic Ministers (AEM) and the United States Trade Representative.

Source: InfoQuest, by Kasamarporn Kittisamphan / Rachada, translated by Xinhua Silk Road

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