CAEXPO fuels economic integration between ASEAN and China: Secretary General of ASEAN

(ECNS) -- The 21st China-ASEAN Expo (CAEXPO) has significantly contributed to economic integration between ASEAN and China over the years, said Secretary-General of ASEAN, Dr. Kao Kim Hourn on Tuesday.

CAEXPO has facilitated investment flows and cross-border economic cooperation, laying the groundwork for a more interconnected, resilient, and prosperous region, Kao noted at the China-ASEAN Business Leaders Forum under the framework of the 21st China-ASEAN Business and Investment Summit .

Over the 20 years since the first CAEXPO, bilateral trade between China and ASEAN countries has rapidly expanded, growing from 876.38 billion yuan ($124.9 billion) in 2004 to 6.41 trillion yuan in 2023, with an average annual growth rate of 11 percent, according to statistics from the General Administration of Customs of China.

The 21st CAEXPO shows China's continuous efforts to advance high-level openness and enhance its economic and trade cooperation with ASEAN.

Currently, nine rounds of negotiations for the version 3.0 of the China-ASEAN Free Trade Area (FTA) have been held, while the Regional Comprehensive Economic Partnership (RCEP) has been in effect for all member states.

The two free trade agreements expanded the scope for regional economic collaboration, according to an analyst.

China's Vice Minister of Commerce Li Fei stated at RCEP High-level Dialogue on Economic and Trade Cooperation on Tuesday that RCEP has strongly promoted broader, higher-level and deeper open cooperation in the region, and developed into a vital support and primary pathway for economic integration in the Asia-Pacific region.

He noted that the China-ASEAN FTA serves as a model for global South-South cooperation.

In recent years, China has aimed to align with international high-standard economic and trade rules, expanding openness in regulations, management, and standards.

Timely upgrading the China-ASEAN FTA and effectively implementing RCEP demonstrated China's commitment to sharing development opportunities with ASEAN countries and fostering an open world economy.

At this year's CAEXPO, China has committed to the high-quality implementation of RCEP and expediting negotiations for the version 3.0 of the China-ASEAN FTA. It plans to expand institutional openness and create a more stable and efficient cross-border industrial and supply chain.

Kao believes that CAEXPO has grown into a comprehensive forum covering infrastructure, agriculture, technology, education, and tourism, serving as both a commercial and diplomatic platform while promoting trade and investment.

He stressed that CAEXPO supports the China-ASEAN comprehensive strategic partnership, reflecting their lasting friendship and shared prosperity.