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ASEAN currently serves as China's largest trading partner, with bilateral exchange turnover nearly reaching $1 trillion. Over the past decades, import and export activities between the two sides have continuously grown strongly.
Indonesian diplomatic officials assess that two-way trade between China and ASEAN is accelerating and is likely to exceed the $1 trillion mark this year.
Indonesian Ambassador to China Djauhari Oratmangun said ASEAN is currently China's largest regional trading partner, with a turnover of nearly $1 trillion and is likely to exceed this mark by the end of this year.
China Customs figures show that goods exchanges between the two sides have grown rapidly over the past several decades, reaching nearly 7 trillion yuan (about $989.9 billion) in 2024, compared with about 870 billion yuan in 2004.
This positive forecast takes place in the context that the two sides have just upgraded the ASEAN-China Free Trade Agreement to ACFTA 3.0, and are both members of RCEP — an agreement that helps cut tariffs in the region by up to 92%, promising to support Southeast Asia's small and micro enterprises.
The upgrade of ACFTA 3.0 is expected to create a deeper framework for trade cooperation, especially in the areas of digital trade, green transformation, and strengthening regional supply chains. Combined with RCEP – an agreement that eliminates up to 92% of tariffs – ASEAN and China will have the conditions to more strongly promote the flow of goods, services and investment. This not only makes it easier for Southeast Asian small and micro enterprises to access the billion-person market but also expands opportunities for economies in the region to participate more deeply in global production networks. Observers assess that if we know how to take advantage of the time and opportunity, the region can strengthen its position as one of the leading growth engines in Asia, and at the same time bring ASEAN-China trade towards higher milestones in the coming time.
Source: Compiled by the Multilateral Trade Policy Department, Ministry of Industry and Trade of Viet Nam
