China and ASEAN Strengthen Economic and Trade Cooperation Amid Global Trade Uncertainties

Strategic Insights -

China's Minister of Commerce, Wang Wentao, and Malaysian Minister of Trade and Industry, Zafrul, co-chaired a special meeting of trade ministers between China and the Association of Southeast Asian Nations (ASEAN) via video link on May 20. The meeting focused on supporting the multilateral trading system, addressing global trade tensions, and strengthening China-ASEAN economic and trade cooperation. Both sides emphasized the importance of a rules-based multilateral trading system and expressed concerns about the negative impact of unilateral measures on the global economy.

Key Takeaways:

  • China opposes the practice of economic bullying and unilateralism, emphasizing the need for a rules-based multilateral trading system.
  • ASEAN trade ministers expressed concerns about the negative impact of unilateral measures on the global economy, disrupting supply chains and reducing business confidence.
  • The meeting called for further deepening of China-ASEAN economic and trade cooperation to cope with various uncertainties.
  • China and ASEAN reaffirmed their commitment to promoting open, fair, and rule-based global trade.
  • The meeting stressed the importance of supporting collective action to safeguard the multilateral trading system and free trade.
  • ASEAN Secretary-General Kao Jinhong underlined the need for cooperation among all parties to promote regional economic integration and open, fair, and rule-based global trade.

Statistics:

  • China and ASEAN are each other's largest trading partners, contributing significantly to the construction of a rules-based multilateral trading system and international economic and trade order.
  • Unilateral measures have impacted the global economy, disrupting the world's industrial chain and supply chain, reducing global corporate confidence, and causing serious impacts on developing countries, especially the least developed countries.
  • The World Trade Organization plays an indispensable and core role in the rules-based multilateral trading system.

Sources:

  • Ministry of Commerce of the People's Republic of China (no date mentioned)
  • Kao Jinhong, ASEAN Secretary-General
  • Wang Wentao, Minister of Commerce, China
  • Zafrul, Minister of Trade and Industry, Malaysia