SINGAPORE, July 24 (Xinhua) -- With huge economic potential in Southeast Asia and western China, the New International Land-Sea Trade Corridor will promote the integrated development of the region, said Josephine Teo, Singapore's Minister of Communications and Information.
Teo made the remarks at the CCI - New International Land-Sea Trade Corridor (ILSTC) Regional Cooperation Forum which was held recently in Singapore.
By bringing together land and maritime routes, the ILSTC has provided a more direct connection between Southeast Asia and western China, resulting in time and cost savings for traders and consumers, said Teo, adding that as an alternative route to transport goods between Southeast Asia and western China, the ILSTC has also contributed to the resilience of regional supply chains.
"As the link between two of the most economically dynamic regions in the world, I am confident that the ILSTC will not only continue to unlock our economic potential and benefit our people, but also serve as an important testament to our commitment to economic integration and openness," Teo said.
The New International Land-Sea Trade Corridor is an international trade and logistics passage jointly built by western Chinese provinces and ASEAN countries under the framework of the China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity.
At present, the trade corridor has transported goods to 393 ports in 119 countries and regions around the world. Data showed that in the first half of this year, the New International Land-Sea Trade Corridor saw 424,000 TEU containers transported by the rail-sea intermodal freight trains, up 10.5 percent year on year. (Contributed by Liu Chuntao, edited by Tong Wei, tongwei@xinhua.org)
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