The negotiations are expected to last five days and involve more than 180 delegates from 10 ASEAN member countries, China, and the ASEAN Secretariat.
In her opening remarks, Deputy Minister of Industry and Trade Phan Thi Thang emphasized the importance of the ACFTA Agreement for the development of trade and investment relations between ASEAN and China, and highlighted the necessity of upgrading the ACFTA Agreement as directed by the leaders of ASEAN and China; contributing to improving commitments and bringing practical benefits to businesses and people of ASEAN member countries and China.
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| Deputy Minister of Industry and Trade Phan Thi Thang delivered the opening remarks at the conference. |
Since the ACFTA agreement came into effect in 2005, trade between ASEAN and China has increased sevenfold, reaching US$722 billion and US$702 billion in 2022 and 2023, respectively.
China has maintained its position as ASEAN's largest trading partner since 2009. In 2020, ASEAN surpassed the EU to become China's largest trading partner and has held this position in subsequent years.
In addition, China is also the fourth largest foreign investor in the ASEAN region, with total FDI reaching US$15.3 billion in 2022, equivalent to 6.9% of the total FDI flow into ASEAN.
In addition, the Deputy Minister acknowledged and commended the efforts of the ASEAN and Chinese negotiating teams for concluding negotiations on 4 chapters and completing approximately 70% of the work progress after 7 negotiating sessions since November 2022.
At the same time, the Deputy Minister also emphasized the particularly important significance of the 8th negotiating session in Ha Long, which serves as a pivotal step before the final session in September 2024 in Bangkok (Thailand), and also coincides with the 75th anniversary of ASEAN's founding (August 8, 1967).
With that in mind, the Deputy Minister suggested that the negotiating teams continue to actively exchange views and resolve outstanding issues with the goal of significantly concluding negotiations by September 2024, completing one of Laos' priority economic initiatives during its ASEAN Chairmanship in 2024.
The Co-Chairs of the Negotiation Committee, the Heads of Delegations from ASEAN and China all expressed their sincere gratitude to the Vice Minister, highly appreciated the organizational work of the Vietnamese side, and pledged to incorporate the Vice Minister's guidance to achieve the best possible results at the 8th Negotiation Session held in Vietnam, contributing to the achievement of the goal of concluding the negotiations to upgrade the ACFTA Agreement as set out.
In November 2022, at the 25th ASEAN-China Summit, leaders of ASEAN countries and China announced the commencement of negotiations to upgrade the ACFTA Agreement, contributing to further deepening and expanding ASEAN-China economic relations. Besides traditional areas such as trade in goods and investment, the upgraded ACFTA agreement is expected to include new areas such as supply chain connectivity, green economy, and digital economy. The Vietnamese delegation participating in the ACFTA upgrade negotiations includes representatives from the Ministry of Industry and Trade (as the head of the negotiating team) and relevant ministries and agencies such as the Ministry of Finance, the Ministry of Planning and Investment, the Ministry of Justice, the Ministry of Agriculture and Rural Development, the Ministry of Science and Technology, the Ministry of Information and Communications, the Ministry of Natural Resources and Environment, and the State Bank of Vietnam. |
Source: https://congthuong.vn/khai-mac-phien-dam-phan-lan-thu-8-nang-cap-hiep-dinh-acfta-337442.html
