The report predicts that ASEAN will continue to be China's largest trading partner this year

、Beijing, July 8th (Xinhua) - The 2024 China ASEAN Economic and Trade Cooperation Report (hereinafter referred to as the "Report") released by the Regional Comprehensive Economic Partnership (RCEP) Industrial Cooperation Committee on July 8th shows that China and ASEAN have been each other's largest trading partners for four consecutive years. According to the needs and trends of cooperation and development, ASEAN is expected to remain China's largest trading partner this year.

The report points out that since the official implementation of RCEP in January 2022, China ASEAN economic and trade cooperation has shown a more close, active, comprehensive, and in-depth development situation. ASEAN has become a popular area for Chinese enterprises to invest in foreign trade, and the industrial and supply chain cooperation between China and ASEAN has shown strong resilience and generated positive spillover and demonstration effects.

Xu Ningning, Chairman of the RCEP Industrial Cooperation Committee and Chief ASEAN Business Expert of China, stated that in expanding cooperation in opening up goods trade markets, service markets, and investment markets, China and ASEAN should actively and jointly take measures to address new situations and problems, in order to achieve the goal of opening up markets and promoting economic development. In a mutually open market, industry docking and cooperation should be strengthened, the trade structure between the two sides should be optimized, and mutual investment should be promoted to achieve more trade and investment creation.

The report suggests implementing institutional openness, implementing RCEP with high quality, and completing negotiations on the China ASEAN Free Trade Area 3.0 as soon as possible. At the same time, seizing opportunities in emerging industries, we should expand cooperation in emerging fields such as digital transformation, clean energy, and artificial intelligence.

In addition, it is necessary to improve the supporting system, coordinate rules and standards, improve cooperation in finance, taxation, customs, and other areas, increase the construction of logistics channels, economic corridors, and interconnectivity, and provide favorable conditions for a stable and smooth regional industrial and supply chain. Establish economic and trade cooperation platforms and industrial cooperation mechanisms, establish enterprise service centers in ASEAN countries, and provide trade and investment consulting services.