Despite differences, the Association of Southeast Asian Nations (ASEAN) has the common goal of making the region economically stronger and seeking more collaboration with other countries and regions, officials said on Monday.
ASEAN has achieved a lot in terms of economic integration and looks forward to more collaboration with other countries, including China, Dato' Sri Mustapa Mohamed, minister of international trade and industry of Malaysia, told the ASEAN Business and Investment Summit (ABIS) held on Monday afternoon in Vientiane, Laos.
The three-day summit, with the theme of "Operationalizing the ASEAN Economic Community - turning vision into reality," will address issues such as free trade agreements, energy and infrastructure development in the region and technology. The ABIS features more than 400 companies across the ASEAN region.
The ASEAN economy is expected to grow at 7 percent annually, with total GDP reaching $4.7 trillion in 2020, and the possibility of becoming the fourth-largest economy in the world by 2030, according to studies, Laotian Prime Minister Thongloun Sisoulith said in his opening remarks for the summit.
"We'll grow together," Dr. Enggartiasto Lukita, minister of trade of the Republic of Indonesia, said during the summit.
China has grown to be the largest trading partner of ASEAN, and it was the first country to establish a strategic partnership with ASEAN and the first non-ASEAN signatory to sign the ASEAN Treaty of Amity and Cooperation, the Xinhua News Agency reported in November 2015.
From January to February, China's trade with ASEAN countries reached $61.5 billion, accounting for 12 percent of its total trade, according to the Chinese Ministry of Commerce.
ASEAN members see China as a crucial market offering more investment and business opportunities, officials told the summit.
"Malaysia is a very active supporter of [the China-proposed] 'One Belt and One Road' initiative and investment from China," Mohamed told the Global Times after the summit.
He also noted that Malaysia is willing to strengthen economic and trade ties with China as well as other countries under the Regional Comprehensive Economic Partnership (RCEP) negotiation.
The RCEP negotiations were launched during the 21st ASEAN Summit in Phnom Penh, Cambodia in November 2012.
The 14th round of negotiations involving the RCEP was held from August 10 to 19 in Ho Chi Minh City, Vietnam and representatives from ASEAN, China, Japan, South Korea, Australia, New Zealand and India talked about cargo, services and investment.
