SINGAPORE—Southeast Asian Nations and China vowed to intensify efforts to meet the joint target of $1 trillion in trade volume and $150 billion in investment by 2020 through the deepening of economic linkages and improvement in connectivity, and look forward to yielding more fruitful results in trade and investment by 2030.
This, as the Asean and China issued a road map on Wednesday dubbed as Asean-China Strategic Partnership Vision 2030 in a bid to further strengthen ties with each other.
China is currently Asean’s largest trading partner, third-largest, external source of foreign direct investment and an important source of foreign tourists for the regional bloc.
Countries involved also welcomed continued strong and growing levels of trade, investment and tourism flows.
To boost trade relations, enhance economic growth and provide more jobs for the people, the parties also reaffirmed their commitment to intensify efforts to finalize the negotiations on the mega free- trade deal Regional Comprehensive Economic Partnership.
The concerned countries also pointed out the need to deepen financial cooperation, including through active involvement of the international financial institutions, such as the Asian Infrastructure Investment Bank, mobilizing private capital and enhancing capacity building to support infrastructure development in the region.
The development of micro, small and medium enterprises was also deemed as important for the Asean and China as they seek to share best practices and experiences and convening capacity-building activities.
In a bid to provide new impetus into the Asean-China cooperation in innovation, both parties also agreed to explore opportunities that will arise from new scientific, digital and technological innovation, as well as address the potential common challenges of these new technologies to further economic growth.
Both Asean member-states and China also reaffirmed their commitment to encourage airlines to tap their full potential by utilizing the Asean-China Transport Agreement and its Protocols I and II so as to realize stronger regional connectivity and to work toward the ultimate goal of the liberalization of the Asean-China Air Services regime.
They also aim to promote dialogue and exchanges in maritime economic cooperation through relevant platforms on the basis of the principles of inclusiveness, mutual benefit and respect for international law, which may include initiatives such as China’s “Belt and Road” initiative.
On the political and security cooperation, the 10 member-states and the Asian superpower also reaffirmed their commitment to maintain and promote peace, security, stability and safety in the South China Sea, as well as to fully and effectively implement the Declaration on the Conduct of Parties in the South China Sea in its entirety, and work toward the early conclusion and adoption of a substantive and effective Code of Conduct in the South China Sea.