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(PLVN) - Deputy Minister of Industry and Trade Phan Thi Thang emphasized the particularly important significance of the 8th Negotiation Session on Upgrading the ASEAN-China Free Trade Agreement (ACFTA) in Ha Long: It is both a pivotal session before the final session in September 2024 in Bangkok (Thailand), and coincides with the 75th anniversary of ASEAN's founding...
On the morning of August 6th, Deputy Minister of Industry and Trade Phan Thi Thang attended and delivered a speech at the opening ceremony of the 8th Negotiation Session on Upgrading the ASEAN-China Free Trade Agreement (ACFTA) in Ha Long, Quang Ninh , Vietnam. The negotiation session is expected to last five days with the participation of over 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 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.
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. Furthermore, 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 total FDI inflows into ASEAN.
The Deputy Minister acknowledged and commended the efforts of the ASEAN and Chinese negotiating teams for concluding negotiations on four chapters and completing approximately 70% of the work after seven negotiating sessions since November 2022.
The Deputy Minister also emphasized the particularly important significance of the 8th Negotiation Session in Ha Long, which serves as a pivotal step before the final session in September 2024 in Bangkok (Thailand), and coincides with the 75th anniversary of ASEAN's founding (August 8, 1967). Given this significance, the Deputy Minister urged the negotiating delegations to continue actively exchanging views and resolving outstanding issues to achieve the goal of concluding the negotiations by September 2024, thus completing one of Laos' priority economic initiatives during its ASEAN Chairmanship in 2024.
At the end of the Opening Ceremony, the Co-Chairs of the Negotiation Committee, the Heads of the ASEAN and Chinese negotiating delegations all expressed their sincere gratitude to the Deputy Minister, highly appreciated the Vietnamese side's organizational work, and pledged to heed the Deputy Minister's guidance to achieve the best possible results at the 8th Negotiation Session held in Vietnam, contributing to the completion of the basic conclusion of negotiations to upgrade the ACFTA Agreement as set out.
ASEAN and China signed the Framework Agreement on Comprehensive Economic Cooperation in November 2002. Based on this Framework Agreement, the two sides continued negotiations and signed the Agreements on Trade in Goods (effective from July 2005), Trade in Services (effective from July 2007), and Investment (effective from February 2010) to establish the ASEAN-China Free Trade Area, abbreviated as the ACFTA.
In November 2022, at the 25th ASEAN-China Summit, ASEAN and Chinese leaders announced the launch 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, the green economy, and the digital economy.
The ACFTA agreement is one of Vietnam's most effective free trade agreements, contributing to the increased volume of goods exports and imports between Vietnam and China since the ASEAN-China Free Trade Agreement was signed in 2005. According to the General Department of Customs, in 2023, China was Vietnam's largest trading partner, with bilateral trade reaching US$171.9 billion.
The Vietnamese delegation participating in the ACFTA upgrade negotiations includes representatives from the Ministry of Industry and Trade (as the head of the negotiating delegation) 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://baophapluat.vn/phien-dam-phan-lan-thu-8-nang-cap-hiep-dinh-thuong-mai-tu-do-asean-trung-quoc-post521166.html
