ASEAN Economic Ministers consult with US, China

(VOVworld) – ASEAN Economic Ministers held consultations with their counterparts from the US and China on Thursday as part of the 48th ASEAN Economic Ministers’ Meeting.

ASEAN Economic Ministers consult with US, China - ảnh 1
The 15th ASEAN Economic Ministers consultations with China (AEM-MOFCOM Consultations)

ASEAN Economic Ministers and the US Trade Representative acknowledged achievements in trade and investment cooperation. Trade revenue between ASEAN and the US reached 212.8 billion USD, accounting for 9.3% of ASEAN’s total trade revenue. The US’s direct investment in ASEAN was 12.2 billion USD in 2015 and the US is the third largest investor in ASEAN. The ministers appreciated the progress in implementing the ASEAN-US Trade and Investment Framework Agreement and their Expanded Economic Engagement Initiative (E3). The ASEAN ministers thanked the US for its support of the single window customs mechanism, trade facilitation for SMEs, energy, and ICT development through USAID and ASEAN Connectivity through Trade and Investment (ACTI).

At the 15th ASEAN Economic Ministers consultations with China (AEM-MOFCOM Consultations), the ministers reviewed progress in bilateral trade and investment cooperation. China is the biggest investor in ASEAN with two-way trade revenue of 364.4 billion USD, equivalent to about 15.2% of ASEAN’s total trade revenue. China’s direct investment in ASEAN reached 8.2 billion USD in 2015. The ministers spoke highly of the enforcement of the 3rd Protocol for the ASEAN-China Trade Agreement in July, 2016.

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