08/08/2024 11:00

On the morning of August 6, Deputy Minister of Industry and Trade Phan Thi Thang attended and delivered a speech at the Opening Ceremony of the 8th Negotiation Session to Upgrade the ASEAN-China Free Trade Agreement (ACFTA) in Ha Long, Quang Ninh, Vietnam. The negotiation session is expected to last for 5 days with the participation of more than 180 delegates from 10 ASEAN member countries, China and the ASEAN Secretariat.

In her opening remarks at the conference, Deputy Minister 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 need to upgrade the ACFTA Agreement under the direction of the Leaders of ASEAN and China, contributing to improving commitments and bringing practical benefits to businesses and people of ASEAN member countries and China.

Since the ACFTA 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 maintained this position in the following years. In addition, China is also the fourth largest foreign investor in the ASEAN region, with total FDI capital reaching US$15.3 billion in 2022, equivalent to 6.9% of total FDI inflows into ASEAN.

The Deputy Minister acknowledged and commended the efforts of the negotiating delegations of ASEAN countries and China in concluding negotiations on four chapters and completing about 70% of the work progress after seven negotiation sessions, since November 2022.

The Deputy Minister also emphasized the special significance of the 8th Negotiation Session in Ha Long, which is both a preparatory session before the final session in September 2024 in Bangkok (Thailand), and a session taking place on the occasion of the 75th anniversary of ASEAN's founding (August 8, 1967). With that meaning, the Deputy Minister suggested that the negotiating delegations continue to actively discuss and resolve outstanding issues towards the goal of significantly concluding the negotiations in September 2024, completing one of Laos' priority economic initiatives during its ASEAN Chairmanship year 2024.

At the end of the Opening Ceremony, the Co-Chairs of the Negotiation Committee, the Heads of the ASEAN and Chinese Negotiation Delegations all expressed their sincere thanks to the Deputy Minister, highly appreciated the organization of the Vietnamese side and will accept the Deputy Minister's instructions to achieve the best results at the 8th Negotiation Session held in Vietnam, contributing to the goal of basically concluding negotiations to upgrade the ACFTA Agreement as set out.