ASEAN has maintained its position as China's largest trading partner for six consecutive years, while China has remained ASEAN's top trading partner for 17 straight years. Against the backdrop of profound adjustments in the global economic landscape, how has this remarkable achievement in economic and trade cooperation been realized? What is the future direction of China-ASEAN collaboration? In a recent interview, the Chairman of the RCEP (Regional Comprehensive Economic Partnership Agreement) Industrial Cooperation Committee stated that China-ASEAN economic and trade cooperation demonstrates strong resilience, with bilateral trade volume expected to surpass 8 trillion yuan this year.
The stability of China-ASEAN trade relations is not accidental but results from the combined effect of three core factors: institutional dividends, industrial complementarity, and enhanced connectivity. The chairman highlighted that the implementation of the China-ASEAN Free Trade Area 3.0 upgrade and the RCEP agreement creates synergistic effects, with continuous progress in tariff reductions and regulatory alignment establishing a stable cooperative framework.
Deep integration of industrial chains has been crucial, with China consistently exporting electromechanical products and new energy goods to ASEAN, while ASEAN steadily supplies agricultural products and mineral resources to China, forming a community of shared interests. The launch of connectivity projects such as the China-Laos Railway and the New International Land-Sea Trade Corridor has significantly reduced regional logistics costs and improved trade facilitation.
Comparing China's trade performance with other major partners underscores the stabilizing role of China-ASEAN relations. While China's trade with the EU reached 5.93 trillion yuan with 6.0% growth, and trade with the US accounted for 8.8% of China's total foreign trade value at 4.01 trillion yuan, China-ASEAN trade totaled 7.55 trillion yuan with 8.0% growth, representing 16.6% of China's total foreign trade.
The chairman analyzed that ASEAN, leveraging RCEP benefits and regional industrial chain coordination, has become a crucial support for China's foreign trade resilience. Looking ahead to next year, he predicts a "steady progress" trend in China-ASEAN trade and investment, with annual bilateral trade volume expected to exceed 8 trillion yuan, representing 5%-8% year-on-year growth. Regarding investment, China's manufacturing and service sector investments in ASEAN will continue to increase, while ASEAN's investments in China's agriculture and energy sectors will grow steadily, with two-way investment growth potentially reaching 8%-10%.
For deepening cooperation, the chairman proposed three practical suggestions. First, fully utilize the upgraded China-ASEAN Free Trade Agreement 3.0 protocol, deeply rely on RCEP's open cooperation mechanisms, promote comprehensive implementation of tariff reductions and rule alignment, focus on key areas like digital industries, green economy, and new energy vehicles, establish industrial chain cooperation platforms, eliminate barriers for small and medium enterprises, and unleash regional trade and investment potential.
Second, strengthen connectivity infrastructure, advance the New International Land-Sea Trade Corridor and China-Laos Railway extension projects, optimize customs clearance integration processes, further reduce trade logistics costs, and enhance regional factor mobility efficiency.
Third, address geopolitical risks through strengthened regional policy coordination, promote implementation of trade facilitation agreements, encourage enterprises to explore emerging markets, and cultivate important growth areas like cross-border e-commerce and service trade.
The chairman emphasized that China-ASEAN economic and trade cooperation has deep foundations and strong resilience. With continuous improvement of cooperation mechanisms and deepening industrial coordination, bilateral trade and investment will maintain growth momentum in the future.
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