ASEAN+3 strengthen economic ties with over US$1 trillion in trade

Trade between ASEAN and its key partners, China, Japan and South Korea, reached a remarkable US$1,132.8 billion in 2023, representing 32.1 percent of ASEAN’s total trade value.

ASEAN ministers and counterparts from China, Japan and the Republic of Korea gather for the AEM Plus Three meeting in Vientiane.

This was revealed during the 27th ASEAN Economic Ministers (AEM) Plus Three Meeting, held in Vientiane, co-chaired by Laos’ Minister of Industry and Commerce, Mr Malaythong Kommasith; China’s deputy  Minister of Commerce, Mr Li Fei; Japan’s Parliamentary deputy Minister of Economy, Trade and Industry, Mr Yoshida Nobuhiro; and Korea’s Minister for Trade Industry and Energy, Inkyo Cheong.
Laos is serving as the 2024 ASEAN Chair under the theme “Increasing ASEAN Connectivity and Resilience”.
Discussions centred on three strategic priorities: deepening economic integration, promoting participatory and sustainable development, and advancing digital technology to enhance regional trade.
In his opening remarks, Mr Malaythong Kommasith, highlighting the economic partnership among ASEAN economic ministers, stressed that the Plus Three countries are not only ASEAN’s top trading partners but also its second-largest foreign direct investors.
In 2023, foreign direct investment (FDI) from China, Japan and South Korea amounted to US$42.8 billion, accounting for 18.6 percent of FDI in ASEAN.
“Our trade and investment links with the Plus Three countries are solid, and we hope to further strengthen these ties with the implementation of our new economic cooperation plans,” Mr Malaythong said.
The meeting also reviewed the progress of the 2023-2024 economic cooperation plan and discussed new initiatives for 2025-2026.

By Times Reporters
 (Latest Update September 24, 2024)