China-ASEAN bilateral trade ties growing stronger
Beijing, The Gulf Observer: China and the Association of Southeast Asian Nations (ASEAN) are geographically close, economically complementary and culturally connected. In recent years, a long-term steady bilateral trade relationship has been built.
The ASEAN has maintained its position as China’s largest trading partner for two consecutive years. Bilateral trade hit 5.26 trillion yuan in the first 10 months of 2022, accounting for 15.2 percent of China’s total foreign trade, data from the General Administration of Customs showed on November 7.
Following the signing of the Framework Agreement on Comprehensive Economic Co-Operation Between ASEAN and the People’s Republic of China in 2002, the ASEAN-China Free Trade Area was rolled out in 2010. Under these initiatives, bilateral trade has expanded rapidly as tariffs have been lowered. Besides, the implementation of the Regional Comprehensive Economic Partnership Agreement (RCEP) starting January 1, 2022 has injected a tremendous boost to the post-COVID-19 economic recovery in the region.
Hu Yishan, a senior researcher at the Singapore Institute of International Affairs, noted that the entry into force of RCEP, as a “catalyst” for regional economic recovery, has deepened the integration and development of the regional industrial chain and supply chain, and enhanced people’s confidence in the economic prospects of ASEAN countries.
Apart from market demand, the business environment of the ASEAN member countries has also improved markedly, winning investors’ favor. Its ease of doing business ranking has been on the rise, according to the World Bank’s Doing Business report. According to the ASEAN Business Environment Report 2022, 47.31 percent of the Chinese enterprises surveyed are optimistic about the business environment of ASEAN countries, and 49.7 percent indicate their intention to expand business in the bloc.
